Topsy Turvy Tax Timing

By Jeff Neumeyer

January 10, 2013 Updated Jan 10, 2013 at 5:50 PM EST

INDIANA, (www.incnow.tv) --- People counting on a timely tax refund check this year may be left with an empty wallet when pressing bills come due.

The Internal Revenue Service wants the public to hold off for a while on filing their tax returns, which could have a big impact on a lot of taxpayers.

Tax preparers are alerting their clients that they cannot file their returns now until January 30th, eight days later than originally targeted.

The IRS says because of last minute tax law changes it needs more time to update forms and make critical programming changes to its processing systems.

Here's the problem: a number of taxpayers rely on getting their refund checks by February first, to take care of Christmas debt, and to pay on things like loans from car purchases made back in November.

" 90 days, free financing, drive it around for 90 days, February first, I'm going to have my refund, I'll come in here and pay for it then. They're not going to have that money and it's thousands and thousands of dollars that they're used to seeing, and that isn't going to be there," says Lorrie Wittgenfeld, with a Liberty Tax Service office in north Fort Wayne.

The promptness of refund checks could be made worse by another issue.

Wittgenfeld believes that all of the 11th-hour shuffling regarding tax law changes will cause the IRS to take an extra one to two weeks to process refunds.

When you add it all up, you could have refunds that come in at the end of February, instead of the first of February.

For those with pressing debt, it’s a matter of keeping creditors content, until refund relief finally arrives.




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