Homeowners Claiming Mortgage Interest Told Not To File!

The IRS is open for business, so to speak, but not everyone is permitted to file their taxes just yet. This is because Congress enacted tax law changes during the last two weeks of 2010, and the Internal Revenue Service hasn't had time to update its systems just yet.

As a result, 3 specific taxpayer types are barred from filing tax returns until mid- to late-February, or until such time as the IRS says its systems are ready.

Those 3 groups are:

• Taxpayers itemizing deductions via Schedule A. People claiming mortgage interest, charitable donations, and/or state and local taxes on their federal returns can't file yet. 
• Taxpayers claiming the Higher Education Tuition and Fees deduction. If you plan to submit Form 8917 to the IRS, therefore, you must wait to file. 
• Taxpayers claiming the Educator Expense Deduction. This applies to school teachers from K-12 with out-of-pocket classroom expenditures. 

If you're a homeowner, therefore, it's likely you're on delay. The IRS will let you prepare your tax returns -- you just can't file them. And along with the changes, the IRS is recommend that all taxpayers use the e-File system to ensure accurate tax returns and faster tax refunds. One way to e-File is to prepare your taxes online.

Companies like TurboTax will actually let you file your federal taxes online -- free.