Not surprising, given all the Fiscal Cliff Mess. (Yeah, that's Mess with a capital M.) The need more time to update all of its forms and get its back-end processing systems in place to accept more than 120 million returns before April 15. So if you're the proactive type, you'll be getting your a little over a week later than you had hoped. The new first date you can file is January 30.
To get your refund as quickly as possible, it's best to e-file if possible. Paper returns are processed more slowly.
The new optional deduction is capped at $1,500 per year, based on $5 per square foot, up to 300 square feet. It's meant to reduce paperwork and record keeping for an estimated 3.4 million filers who claim the home office deduction and save an estimated 1.6 million hours annually.
[InvestingAnswers Feature: 3 Tax Mistakes Retirees Can't Afford to Make]
Currently, people who claim this deduction generally are required to fill out a 43-line form (Form 8829), complete with complex calculations of allocated expenses, and carry-overs of unused deductions.
Whoa, a simpler tax form? Keep going, IRS, keep going.
This article originally appeared on LearnVest.com:
You Can File Your Taxes Starting January 30th.
Check out these other articles from our partners at LearnVest: