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By Marcia Richards Suelzer, Toolkit Staff Writer
Valentine's Day has a special significance this year: it's the date on which the IRS will be able to accept electronic returns that include itemized deductions, the higher education deduction and the educators deduction. If you aren't taking advantage of those provisions, you can file immediately.
Usually, the IRS starts processing tax returns in the middle of January. For most filers, that is the case for 2010 tax returns as well. However, due to the year-end tax legislation, taxpayers who want to itemize deductions or claim the higher education tuition and fees deduction and the educator expenses deduction had to wait: the IRS systems could not be tweaked in time to accept those returns. Based on last year's filing statistics, this delay will affect about nine million "early bird" filers.
Posted February 6, 2011.