IRS now accepting depreciation tax returns

Education tax credits accepted on Thursday

The U.S. Internal Revenue Service has announced it is now accepting 2012 income tax returns from taxpayers who are taking depreciation and amortization deductions using Form 4562. The IRS resumed accepting these returns on Sunday this week.

On Thursday the IRS will begin accepting income tax returns from taxpayers taking education tax credits. They involve use of Form 8863 to claim higher education credits — the American Opportunity Tax Credit and the Lifetime Learning Credit.

The IRS still won’t accept 29 other tax forms, including those taking mortgage interest deductions, until sometime in the first week of March. The IRS will announce the exact date later this month.

Changes made on Jan. 2 by Congress in federal tax laws, including tax hikes on some taxpayers, caused most of the extended delays in accepting complicated tax returns.

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