Liberty Tax Covers Sweet Changes for Schedule A Filers
IRS Will Start Processing Returns for Taxpayers Who Faced Filing Delays February 14
February 11, 2011 // Franchising.com // (Virginia Beach, VA) Tax time is getting sweeter for tax payers who itemize. Starting on Monday, Valentines Day, the IRS can process returns for taxpayers who faced filing delays due to the round of tax extenders and Tax Relief Act of 2010. The delays affected those who filed Schedule A,Form 8917 Tuition and Fees Deduction and Form 4684 Casualties and Thefts.
"Liberty Tax has been preparing returns for our customers with these forms all tax season, and making every effect to streamline filing for our customers facing delays," noted (Name) of Liberty Tax Service. "We are ready to file these returns with the IRS ready date of Monday."
Schedule A itemizers who love the ways they can write off deductions such as home mortgage interest, charitable contributions, and medical expenses may find more to love. Liberty Tax examines a few changes that may apply for Schedule A filers on a 2010 return:
- No Adjusted Gross Income limit for itemized deductions.
- An extension of the provision that excludes up to $100,000 of qualified charitable distributions from income. Taxpayers, who are at least age 70 ½, who made a Qualified Charitable Distribution (QCD) from their IRA to an eligible organization in January 2011 may elect to claim it on their 2010 return.
- Tax relief for homeowners who have suffered from corrosive drywall installed from 2001 until 2008. Damage expenses and repair costs for appliances may qualify to be claimed on Line 20 of the Schedule A.
- Taxpayers may be able to deduct taxes paid in 2010 for new motor vehicles purchased in 2009.
Many Liberty Tax offices are observing the Valentine's Day fun with special treats and festivities for all filers.
Taxpayers will have the luxury of time, with a few extra days to file this year. The filing deadline will be Monday, April 18, 2011 because the holiday, Emancipation Day is Friday, April 15. This holiday is observed in the District of Columbia, so federal workers will be off that day.
About Liberty Tax Service
Liberty Tax Service is the fastest growing retail tax preparation company in the industry's history. Founded in 1997 by CEO John T. Hewitt, a pioneer in the tax industry, Liberty Tax Service has prepared over 8,000,000 individual income tax returns. With 41 years of tax industry experience, Hewitt stands as the most experienced CEO in the tax preparation business, having also founded Jackson Hewitt Tax Service. Liberty Tax Service provides computerized income tax preparation, electronic filing, and online filing through eSmart Tax. Each office offers customers audit assistance, a money back guarantee, and free tax return checking.