KEG123 06:12 AM 01-24-2013
So I finished doing my taxes and am ready to submit, but I just got an error for form 4562 says this...
5001 - After the IRS updates forms and completes programming and testing its processing systems, it will begin accepting the following tax forms in late February or into March. A specific date will be announced in the near future by the IRS. The software will be updated as these forms become available.
The IRS will not process paper tax returns before the anticipated opening date. There is no advantage to filing on paper before the opening date, and taxpayers will receive their tax refunds much faster by using e-file with direct deposit.
Form 4562 Depreciation and Amortization
So this is saying I can't submit my taxes until after whatever date they say? And that they don't have a date lined up, but it will be sometime in Feb or March? I was hoping to file asap due to losing my income for the month because of having empty spots, using it to pay bills. The depreciation I was claiming was for a $400 washer and dryer and a $100 couch. Could I take that form off and claim it next year?
itlw8 06:33 AM 01-24-2013
Tom wrote an article on this subject. It is a bummer to have to wait.
KEG123 06:36 AM 01-24-2013
Can you link me to the article?
KEG123 06:41 AM 01-24-2013
Nevermind I found it. Is it true that I could realistically file sooner if I don't submit form 4562? Or do I *have* to submit the form? How much am I really missing out by not submitting it?
TomCopeland 09:23 AM 01-24-2013
Originally Posted by KEG123:
Nevermind I found it. Is it true that I could realistically file sooner if I don't submit form 4562? Or do I *have* to submit the form? How much am I really missing out by not submitting it?
You can file your taxes without claiming depreciation on Form 4562. Then you can later amend your tax return and claim this depreciation and get a refund. How much you will lose on your taxes now depends on how much depreciation you claimed on Form 4562 and what your tax bracket is.
Here's the link to my article on this:
http://www.tomcopelandblog.com/2013/...-for-2012.html
Join me for a webinar “2012 Tax Changes: How to Avoid Mistakes on Your Tax Return” Tuesday, February 12th at 8:30-10:00pm Eastern Time. The cost is $25 (100% tax deductible!). To register:
http://events.r20.constantcontact.co...&llr=yatrx4cab
KEG123 11:38 AM 01-24-2013
Thank you SO much Tom!