How The Fiscal Cliff Could Effect Your Tax Return

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According to CNN Money, the 100 Million Americans expecting tax returns may have to wait until late March to even file their taxes.

Your 2012 tax return: Here’s where things potentially become a dumb mess. The IRS warned lawmakers that if they don’t act to protect the middle class from having to pay the Alternative Minimum Tax for tax year 2012 by Dec. 31, up to 100 million taxpayers may not be able to file their 2012 taxes until late March.

That would mean their refunds will be delayed. And they wouldn’t be injecting those refunds into the economy during the first quarter.

Based on Treasury Department records from the past three years, refunds paid during January, February and March combined have ranged from $117 billion to $136 billion.

 

 

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