Breaking down 2011 tax changes: wwlp.com
Rich Tettemer of 22 News
(WWLP) - New rules will allow some people to wait until late February to file their taxes. Certified Public Accountant Andy Pignatare, of Pignatare & Sagan in West Springfield came to 22News Friday morning to explain some of the changes.
Pignatare said that people who are itemizing have to wait because of a state sales tax deduction. Some people can use that over the state income tax if there is more sales tax.
He said that this is the first time in about 40 years that there has been a more than a one or two day delay in itemized deductions, and that due to IRS re-tooling, there could be even more of a delay.
The amount of money most people pay into Social Security (currently 6.2%) has been lowered to 4.2%. That averages to about $20 more per week for a person who makes $50,000 per year.
April 18 will be the federal tax deadline, instead of April 15, due to Emancipation Day in Washington, D.C. In Massachusetts, due to the Patriot’s Day holiday, the deadline could be pushed back to April 19. Pignatare added that there may also be a backlog in e-filing.