When You Can File 2012 Tax Returns with Education Credits and Depreciation

Taxpayers that need to file tax forms covering education credits and depreciation need not wait any longer as the IRS has started to process tax returns covering the two forms.

17 FEBRUARY 2013, TRAVERSE CITY, MI
Summary
Taxpayers that need to file tax forms covering education credits and depreciation need not wait any longer as the IRS has started to process tax returns covering the two forms.
While most taxpayers were able to file their tax returns at the end of January, those that needed to file tax forms covering education credits and depreciation had to wait a bit longer. Finally, the wait is over as the IRS has started processing tax returns that contain both Forms 4562 for those filing for Depreciation and Amortization and Form 8863 for those that are filing for Education Credits. Taxpayers using e-file can file their tax returns for free at http://harborfi.typepad.com/tax/turbotax-online-free-delu.html

The latest move by the IRS to start processing the two forms clears the path for almost all tax payers to file their tax returns for 2012 as the two forms affects the largest group of taxpayers that were not able to file their returns at the end of January. The other remaining forms that were affected by the January American Tax Relief Extension Act (ATREA) will be processed at a later date to be announced in March. The IRS had originally pushed tax season eight days forward in January to accommodate the changes and updates in tax laws.

The Depreciation and Amortization tax form 4562 is used to claim deductions for the depreciation and amortization of a property while the Education credits form 8863 is used to claim the American Opportunity Tax Credit and the Lifetime Learning Credit.

Taxpayers who are looking to file online can consider using Turbo Tax 2013. Turbo tax is in tune with the January tax law changes and accepts tax returns with the two forms. It is the only tax software that offers advanced tools so taxpayers can pay the lowest amount of tax possible. To get a chance to file tax returns for free, taxpayers can file their tax returns at http://harborfi.typepad.com/tax/turbotax-online-free-delu.html

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