Taxpayers in 2014 don’t have to worry about a lot of tax surprises. The American Taxpayer Relief Act of 2012 enacted on Jan. 2, 2013, made many existing tax laws permanent and extended other provisions through 2013. But even in the most stable tax and political environments, there’s always something to worry about when it comes to taxes. Here are 10 tax traps you need to watch out for in 2014.
1. Get ready to wait early in the year.
The federal government shut down for 16 days last October, but taxpayers are still paying for it. The IRS says Jan. 31, 2014, is the earliest it will be ready to process individual tax returns. You can go ahead and submit your return electronically as soon as you’re ready; your e-filer will hold it until the IRS is ready to accept returns. If you’re eligible for Free File, that IRS-software manufacturer partnership opens for filers on Jan. 17. If, however, you file a paper return, the IRS encourages you to wait until Jan. 31 to mail it.
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