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Fiscal cliff deal will delay your tax refund checks - Video

Fiscal cliff deal will delay your tax refund checks - Video

IRS filing season delayed by deal

By Colleen Hogan
CREATED 6:08 PM

CAPE CORAL, Fla. - President Obama is going back on vacation after Congress approved a tax deal to avoid the fiscal cliff. But what does the plan mean when it comes to your money?

The deal may be approved by Congress but it still has to be signed into law by Mr. Obama. That hold up, means uncertainty for your money.

Until the deal is signed into law by the president, no one can file their taxes from last year and that translates into a mess for those, waiting on tax refund checks.

Read more: http://www.fox4now.com/news/local/185477172.html

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I don't see how a bill that hasn't been signed into law yet can

effect last year's tax issues.

Everyone can file like normal, based off the laws that were then in effect. In fact, as of today at least, they are STILL in effect.

I think these people have no concept that the law that was in effect for Jan 1- Dec 31 2012 is what you go by when filing. Whatever is changed starting on Jan 1 2013, is irrelevant until the NEXT filing period.

If there are any "so-called" retroactive cuts implemented for taxes, then an amended return can be filed, or it can be "made up" the next filing period. Or better yet, the IRS can simply amend the returns themselves and send you more of your money back.

There really is no good reason you can't file for 2012 now.