Despite a last minute tax law that was passed by Congress, the tax-filing season will still start on schedule, according to the IRS.
Congress passed a bill that extended more than 50 tax breaks, which were due to expire next year. Under the new law, the breaks will not expire anytime soon, which allows taxpayers to claim them when they go and file their taxes. The law was signed by the president on December 19.
In the past, when tax laws were passed at the last minute, the filing season was delayed. However, that is not the case this time around, according to the IRS Commissioner.
The Commissioner said that the agency has reviewed all of the changes and they feel as if there is nothing that can prevent them from updating their systems and testing it out.
Many returns are filed during the first few weeks of the season, and this is mainly due to the fact that taxpayers want their refunds as soon as possible.
The IRS said that most refunds were issued within 21 days, if those returns were electronically filed. In the past, the agency said that filing taxes this way is the quickest way to receive a refund.
Refunds average around $2,800, and taxpayers should use TurboTax to file their tax returns, as they are a reputable service that has helped many taxpayers.
Taxes 2014: What You Should Know To File