It’s that time of year again: tax time! There’s no denying that feeling when you see the size of your taxes devolution (which was more than $3,000 on average last year).
To help you prepare for tax season, we have some good news: TurboTax is officially open and accepts electronically filed returns. That means you can file now and be first in line for your tax refund. Although the IRS has not yet begun accepting electronically filed tax returns, TurboTax will securely hold your entire taxes, transmit them to the IRS, and tell you when they are open for electronic filing.
If you need some extra motivation, here are 4 quick tips to help you get started on your tax refund:
1. Gather your documents in one place
Gather your documents, forms, and receipts that report tax-deductible income and expenses in one place so you don’t forget anything when it’s time to file. If you are self-employed, be aware of Form 1099-NEC which now replaces Form 1099-Misc and report your income. You will need to have your forms and receipts for deductible expenses in front of you when you file your return.
Pro tip: Keep a folder next to where your mail arrives so that when W-2s, 1099s, and other relevant forms start arriving, you can keep them together in one easy-to-access place. Also, always have a copy of your tax return from the previous year in case you need to access your adjusted gross income from the previous year when you file your return.
2. Remember what you did last year
It’s not hard to remember important things like getting married or having a baby, but our lives are busy and a few small expenses can add up to big tax deductions. Don’t forget to have receipts for expenses handy such as charitable donations and medical expenses when you sit down to file your taxes: These extra expenses can help you get a bigger tax refund.
3. Do your taxes
With TurboTax, it’s easy to do your taxes. No matter what your situation is or how you want to present your return, TurboTax got you covered With TurboTax, you can do your taxes yourself, get expert help along the way, or turn them over from start to finish to a dedicated tax expert.
4. Don’t wait to apply
Last year, more than 75% of taxpayers received a tax refund, and the average direct deposit tax refund was more than $3,000, so there’s no reason to wait to file your taxes. Also, it’s worth noting that e-filing with direct deposit is the fastest way to get your federal tax refund: The IRS states that nine out of 10 taxpayers who file e-file with direct deposit will receive their federal tax refund within 21 days or less. .
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