Hearts, Cupid, and Itemized Tax Deductions

Every year millions of Americans celebrate Valentine's Day with flowers, fine food, and chocolate. But this Feb. 14, a new accessory will be invading the most romantic day of the year: tax returns. Although W-2s and other tax forms have been mailed out, providing people with most or all of the information needed to complete and submit tax returns, the IRS will not accept any return with itemized deductions until Feb. 14, 2011. According to the IRS this affects an estimated 9 million filers, including:

 Students who deduct tuition or fees
 Filers with job-search related expenses
 Teachers with out-of-pocket expenses
 Filers with medical or dental expenses

The Pennsylvania Institute of Certified Public Accountants (PICPA) can find a local CPA to provide explanations about this and other tax law changes unique to this year. PICPA also has press resources for the 2011 tax season including hot tips, topics, and trends at www.picpa.org/pressroom. For more information or to request a local CPA, contact Jacqueline Barnard at jbarnard@picpa.org or 267-675-6255 or Kathleen Miller at kmiller@picpa.org or 215-972-6188.