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March 3, 2013 11:48 am
IRS Starts to Accept all Delayed Returns
Income tax returns for 2012 that included any of 29 forms and schedules (www.irs.gov/uac/Newsroom/List-of-IRS-forms-that-1040-filers-can-begin-filing-in-late-February-or-into-March-2013) impacted by the “fiscal cliff” legislation were not able to be filed until now. The IRS announced that as of March 3 it is accepting returns with any of these forms or schedules.
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Tax Glossary
Deductions
Items directly reducing income. Personal deductions such as for mortgage interest, state and local taxes, and charitable contributions are allowed only if deductions are itemized on Schedule A, but deductions such as for alimony, capital losses, moving expenses to a new job location, business losses, student loan interest, and IRA and Keogh deductions are deducted from gross income even if itemized deductions are not claimed.
