If you're counting on a tax refund to pay off your credit cards this holiday season, your 2012 check from Uncle Sam might be too little, too late.
The IRS Commissioner is warning Congress that as many as 100 million taxpayers may be unable to file in a timely manner. That's because the tax code is in limbo as lawmakers bicker over the "fiscal cliff."
"I've had clients come in, we know exactly what their income will be for 2012, we know exactly what their deductions will be," explained tax accountant Bob Martin. "And yet I cannot tell them at this point what their tax will be."
Here's one big Lone Star State example: without Congressional action, Texans won't be able to deduct the sales tax we paid in 2012.
And forget about a February refund. Currently, the IRS estimates most taxpayers will be unable to file returns until March – or later.
KRIV FOX 26 4261 Southwest Freeway Houston, TX 77027