When preparing your taxes there are a lot of simple and easy errors you can avoid with a little double checking and extra diligence. Also, one of the biggest reasons a tax refund is delayed is because of an error. Before you file your taxes, check out this list of common errors and correct them before you file:

1. Incorrect or Illegible Social Security Numbers

Double-check your Social Security numbers before you file. You need to make sure that you have the right numbers for you and your spouse, as well as for any dependents that you claim. Your EITC and other dependent related tax benefits could be at risk if you have the wrong Social Security number for your child.

Also, make sure your tax return is legible. Rather than filling out the forms by hand – making it easy to mistake the number 8 for the number 3 in your Social Security number, use tax prep software.

2. Forgetting Dependents

Don’t forget to claim dependents. In many cases, college students can be claimed by you. Also, if you have been caring for an aging parent, you can often claim him or her as a dependent. Think about those to whom you have been providing material support, and don’t forget to claim them as dependents.

Just make sure that no one else is claiming them as well. Each dependent can only be claimed on one tax return. So you need to work out claims with siblings if it’s your aging parent, or with your ex if you are divorced.

3. Overlooking Tax Deductions

Go through your expenses from the past year, and make sure you aren’t overlooking deductions. You might be surprised at what you can deduct, from job hunt expenses to moving expenses, if you meet the right criteria. Don’t pay more than you have to.

4. Not Taking Advantage of E-file

E-filing is a great way to file your tax return quickly (don’t miss the deadline!) as well as get your tax refund processed quicker. Plus, there is a reduced chance of mistakes on the IRS end if you E-file.

If you are entitled to a tax refund, you can get it much faster when you E-file. E-file combined with direct deposit is the fastest way to get your tax refund.  The IRS estimates that 9 out of 10 tax refunds will be processed within 21 days.

1. E-file your tax return – Congratulations on finishing taxes, the hard part is over! Now you just have to sit tight and count the days until you receive your refund.
2. Check the status of your e-filed return – Approximately 24-48 hours after you have e-filed your tax return, you will receive an email from the IRS letting you know that your tax return has been accepted!  If your return was not accepted, visit this FAQ.  If for some reason you do not receive an email, you can check the status of your e-filed return here.
3. Start tracking your refund –  About 24-48 hours after the IRS accepts your tax return, you can start tracking your refund. The IRS expects to issue more than 9 out of 10 refunds in less than 21 days upon acceptance.  You can track your refund at the IRS Where’s My Refund tool or by logging into your MyTurboTax account.
4. Your tax refund is here – If you chose direct deposit when you filed your return, you’ll need to allow 1-2 business days for your bank or financial institution to process it and have it available for you once the IRS has released it. If you didn’t choose direct deposit, the IRS will mail you your tax refund check, which could take 6-8 weeks.

Of course times may vary based on your situation.  Click here to see a list of tax forms that the IRS is not accepting yet.

Updated February 8, 2013

The IRS opened its doors today, officially kicking off the tax season!

With 80 percent of taxpayers getting a tax refund and the average federal tax refund last year topping $2,700, there is no reason to wait to file.

But what if you have questions?  Just give us a call or chat with us – our experienced TurboTax tax professionals are here for you. Only TurboTax lets you talk to CPAs, enrolled agents and tax attorneys while you prepare your return, free. We’ll even help you get started and we’re there when you need it

To help you get started, our tax experts can answer some of your most commonly asked questions:

How does the fiscal cliff or recent tax law changes affect my taxes?

Don’t worry!  Recent changes to the tax law will not impact the vast majority of people’s tax refunds for 2012. This is because Congress extended all of the existing, family-friendly provisions.

You can still claim the Earned Income Tax Credit, Child Care Credit, Teachers Deduction and more!

IRS Update:  The IRS announced today that they are now able to process tax returns that contain form 8863 with Education Credits beginning February 14^th.  Form 8863 is used to claim two higher education credits — the American Opportunity Tax Credit and the Lifetime Learning Credit.

The IRS has also announced that on February 10^th, they will begin processing tax returns that contain Form 4562, Depreciation and Amortization

Please read the full IRS announcement here.

Will the new healthcare reform changes impact my 2012 taxes?

Good news!  The requirement to purchase health insurance does not impact your 2012 or 2013 tax returns. You should know that your 2012 tax return will help determine your eligibility for an insurance subsidy from the government, which will kick in for 2014.

Who can I claim as a dependent?

This is one of our most frequently asked questions. Taxpayers may be surprised to find out that their boyfriend, grandmother or adult child may qualify as a dependent.

Are there tax deductions available for students in college?

The U.S. government provides incentives, in the form of education tax credits and deductions, to help decrease the costs of pursuing a college education. If you paid eligible education expenses for you, your spouse, or your dependent, you may qualify for one of these tax benefits.  In fact, this could be as much as a $4,000 deduction!

Still have questions?  Don’t worry.  We’re here for you to help you get your maximum refund possible and so you can be confident you’re taxes are done right.

The holidays have come to a close, we avoided the “Fiscal Cliff”, so now is the time to start the New Year fresh by getting a jump-start on your taxes so you can keep more of your hard-earned money.  Wondering how to get a head start?  TurboTax is up to date with recent tax law changes and is accepting e-files now!

We know you work hard for your money. Whether you are a teacher or a construction worker, a firefighter or serviceman or woman, TurboTax gives you the power to get more of it back.

We guide you through a personalized experience to help you find every tax deduction and credit you deserve – whether a soldier’s deployment pay, a student’s loan interest or a teacher’s crayons – so you know you’re keeping all of your hard-earned money.

Plus, highly qualified TurboTax tax experts are available year-round for free so you can get answers to your tax questions, even before starting your returns. And only TurboTax lets you talk to certified public accountants, IRS enrolled agents or tax attorneys as often as you like while you’re preparing your tax return, free.

New in TurboTax

• TurboTax Military Edition: Specifically created for members of the military by TurboTax employees who are members of the military and our TurboTax experts, TurboTax Military Edition addresses the unique tax situations and challenges facing servicemen and women.   If you are a member of the military the specialized product guides you through state of residency and combat pay questions, as well as deductions for uniforms, permanent change of station and special provisions for the earned income tax credit. TurboTax Military Edition is also free for junior enlisted personnel, rank E-1 to E-5, through Feb. 14.

• Personalized Interview: TurboTax 2012 offers customized income entry to help you easily and accurately enter your information. TurboTax focuses on the most common types of income and provides visual images of typical forms, like a W-2 or 1099, so you know exactly what to do. Because TurboTax tailors questions to your unique tax situation, you see only what is most relevant to your situation.

• MyTurboTax: New for TurboTax Online customers, MyTurboTax delivers a personalized experience so you can check your e-file and refund status, view orders, access prior year returns, and manage your account settings, including SMS text notifications for your e-file status. MyTurboTax is mobile and tablet optimized so everything is available on-the-go, anytime, all in one place.

File on Smartphone or iPad

Everyone is on the go these days so TurboTax makes it easy to get the money you deserve while being mobile.  Whether you want to estimate your taxes, prepare and e-file your tax return, or track your tax refund, TurboTax has a mobile app for that.

TurboTax SnapTax, the first mobile tax preparation app, is available to even more people this year. In addition to 1040EZ filers, now if you have dependents or claim the earned income tax credit, you can also snap a photo of your W-2, answer a few simple questions, and e-file within minutes from your smartphone.

You can use SnapTax to start your taxes for free by snapping a picture of your W-2, and then with a click, securely transfer that information to TurboTax Online. In addition, if you e-file your tax return you can track the status of your federal tax refund with MyTaxRefund, a free app available for iPhone, iPod Touch, and Android devices.

Starting in mid-January, you can also conveniently prepare and e-file your taxes from your iPad and download TurboTax for the Mac from the Apple App Store.

Happy New Year and happy filing!

TurboTax e-file

Not only that, TurboTax now offers free, one-on-one tax advice from highly qualified CPAs, IRS Enrolled Agents, and tax attorneys!  So, not only can you take control over your own taxes, pay less to file your taxes than with tax stores, but you can also feel confident that a highly qualified tax professional is there to assist you if you need help.  Oh and did I mention?  There is no e-file fee!  It is also free!

You may be wondering:

How can TurboTax offer e-filing early if the IRS is not accepting tax returns yet?

TurboTax will securely transmit your tax information electronically to the IRS as soon as they begin accepting tax returns on January 17th!  You may benefit from an early tax refund, because as soon as the IRS starts accepting tax returns and sends you confirmation that they accepted your return, per the IRS, you may receive your tax refund in as little as 7 days from IRS acceptance if you request direct deposit.  If your tax return is rejected after it is electronically transmitted to the IRS, no need to worry.  The IRS will send you notification and you can fix your online tax return and resubmit it.

The IRS supports TurboTax and prefers that you e-file your tax return.  TurboTax protects your personal information using bank-level data security which includes encryption.  TurboTax online stores your information on a firewall-protected server, which can only be accessed using your user name and password.

How do I file my tax returns if I did not receive my W-2 or 1099s yet?

Don’t worry!  Did you know that TurboTax works with 400,000 employers, banks, and financial institutions so that you can safely, securely, and accurately transfer your important financial information directly from the financial institution to your tax return using TurboTax online.

What are the benefits of E-filing and using TurboTax early?

• Quick Tax Refund – Per the IRS, taxpayers who e-file their tax returns with direct deposit will receive their tax refund in 7 to 15 days from IRS acceptance of the tax return as opposed to 6 to 8 weeks for paper filers.
• More Accurate Tax Returns -  According to the IRS, 20% of paper filed tax returns have mistakes as opposed to a low 1% error rate for electronically filed returns.  TurboTax easily guides you to enter all of your relevant tax information so that your tax return is accurate.
• Free Tax Advice – If you file your tax return early with TurboTax online, not only do you get free e-file, you also have the opportunity to get free one-on-one tax advice from highly qualified CPAs,  IRS Enrolled Agents, and tax attorneys.
• Bigger Tax Refunds – Preparing your tax return using TurboTax will get you the tax deductions and credits you deserve.  TurboTax guides you through tax deductions and credits you may miss if you file your tax return via a paper and pencil.  TurboTax software is developed in compliance with IRS tax guidelines so your taxes are done right.
• Filing at the Last Minute May Lead to Mistakes – Completing your taxes at 11:59 pm on  4/17/2012 may cause you to rush and make mistakes.

What if I didn’t make very much money?

• Even if you think you didn’t make enough money to file, you may be entitled to a refund, due to taxes deducted from your paycheck and various overlooked refundable tax credits and deductions you are entitled to.  Most unclaimed refunds, belong to people who did not make much money and thought they were not required to file taxes.

Start the New Year off right and get your taxes done early!  You’ll feel at ease and have fatter pockets!

Interactive by joshritchie

Embed the above image on your site using the code below:<a href="<a href="http://intuitturbotax.files.wordpress.com/2012/01/turbotax-efiling.png"><img" rel="nofollow" target="_blank">http://intuitturbotax.files.wordpress.com/2012/01/turbotax-efiling.png"><img</a> src="<a href="http://intuitturbotax.files.wordpress.com/2012/01/turbotax-efiling.png&quot" rel="nofollow" target="_blank">http://intuitturbotax.files.wordpress.com/2012/01/turbotax-efiling.png&quot</a>; alt="What e-filing can do" title="What e-filing can do" width="620" height="4046" class="alignnone size-full wp-image-8428" /></a><br/>Free Tax Filing, Efile Taxes, Income Tax Returns - <a href="<a href="http://www.turbotax.com">TurboTax.com</a&gt" rel="nofollow" target="_blank">http://www.turbotax.com">TurboTax.com</a&gt</a>;

The IRS has updated it’s Where’s My Refund site with additional FAQs: http://www.irs.gov/newsroom/article/0,,id=254102,00.html

Some taxpayers who filed electronically and received an acknowledgement from the IRS are concerned when they visit “Where’s My Refund” and are told that IRS has no information regarding their tax return. The IRS informed us on February 10 that this is a temporary situation and should be resolved in several days.  At that time, you will be able to get an expected refund date when you visit “Where’s My Refund.”

This is an IRS issue and impacts returns regardless of who sends them in
to the IRS. This is not a TurboTax issue.

If you have received an acknowledgment of your tax return from the IRS, then the IRS assures us they have received your return and are processing it.

Information on the status of your refund will be updated in “Where’s My
Refund” once your return processes. This is a temporary situation, and we expect to resolve the matter in a few days.

IRS expects the vast majority of tax refunds to continue to be issued
within the historical range of 10 to 21 days.

We want to quickly share any updates we receive through IRS because we know many of you are still waiting for  your refund status and estimated direct deposit date.  We really appreciate your patience in this really frustrating time and we’ll continue to provide updates as we receive them from IRS.

So you filed your 2010 tax return and now your wondering, “Dude, Where’s My Refund?“  Possibly, your tax refund is one of the checks out of $153 million in undeliverable tax refund checks just announced by the IRS, with an average refund  totaling $1,547 this year!

Undeliverable Tax Refunds

Only a small percentage of checks mailed out by the IRS were returned as undeliverable, but 99,123 taxpayers’ 2010 tax refunds could not be delivered because of mailing address errors.  With Christmas coming soon and the tough economy, you need your money as soon as possible.  So how can you track your tax refund and how can you avoid this problem in the future?

How to Track Your Undeliverable Refund?

If you believe your tax refund may have been returned to the IRS as undeliverable:

• Use the IRS “Where’s My Refund?” tool.  The tool will provide you with the status and, in some cases, may give you instructions on how to resolve delivery problems.
• Call the telephone version of “Where’s My Refund?” at 1-800-829-1954

How Can You Avoid Undeliverable Tax Refunds In the Future?

Here are steps to take to ensure you receive your 2011 tax refund:

• E-file your return – E-filing with tax software like TurboTax eliminates the risk of lost papers and errors.  When you paper file there is no way to verify when, and if, your tax return is received or whether or not your tax return has errors.  When you e-file, you receive confirmation from the IRS that your tax return is received and accepted.  The IRS also recommends that you file your tax return electronically and supports tax software like TurboTax.
• Direct Deposit your Refund Check – Last year, more than 78.4 million taxpayers chose to have their refund checks deposited directly into their bank accounts.  TurboTax gives you the option to deposit your tax refund directly into your bank account or you can request to have your tax refund placed directly on the TurboTax Refund Card.

The combination of e-file and direct deposit is the best option to avoid undeliverable tax refund checks and TurboTax makes it easy!

Nearly 8 out of 10 taxpayers chose to e-file for tax year 2010 and that number is expected to increase for tax year 2011, so what are you waiting for?  Make your plans to e-file and use direct deposit for tax year 2011.

It’s already December 1st! Time to trim the tree and start thinking about your taxes!  Perfect timing, because today TurboTax launched TurboTax 2011 online and it’s in retail stores as well.

So, you’re wondering what’s new with TurboTax 2011?  Here are just a few highlights:

TurboTax 2011 now offers you free one-on-one tax advice, giving you unparalleled ease, accuracy and confidence when preparing your tax returns.  Whether by phone or live chat, you can easily get answers to your questions from an experienced tax professional – for free!

TurboTax, the nation’s leading tax software from Intuit Inc (Nasdaq: INTU), guides you through your return step by step, helping you claim every tax deduction and credit you deserve so you can be confident you get the biggest possible refund, guaranteed.

Free One-On-One Expert tax Advice

New for 2011, TurboTax offers free access to its “Ask a Tax Expert” service.  This gives you personalized answers to your tax questions from an experienced tax professional by phone or live chat, so you feel even more confident that your taxes are done right.

“We’re focused on making it even easier for taxpayers to get their maximum refund,” said Dan Maurer, general manager of TurboTax.  “Each year, many Americans needlessly overpay someone else to do their taxes.  This year, TurboTax will provide one-on-one expert tax advice, giving those that need it the confidence that their tax return is done right.”

TurboTax experts are highly qualified U.S. based IRS-Enrolled Agents, CPAs, or tax attorneys with extensive knowledge in tax law and tax return preparation.  Available daily from 5 a.m. to 9 p.m. PT, the free “Ask a Tax Expert” service is accessible through all TurboTax desktop, online, and mobile offerings.

Making it even easier for you to get the biggest possible refund, TurboTax 2011:

• Guides you step-by-step through your tax return, getting you every deduction and credit you deserve.  New improvements make it simpler to quickly enter personal information and claim important deductions and credits, such as dependents or the Earned Income Tax Credit, which could be worth as much as $5,751 per family.
• Transfers information automatically from more than 400,000 employers, banks and financial institutions.  You can gain immediate access to essential information, dramatically reducing data entry and making tax preparation easier and more accurate.
• Offers more ways for you to quickly get your tax refund.  Free IRS electronic filing gives you an easy and fast way to receive your federal tax refunds – in as little as seven days with direct deposit.  No other tax service or software can get you your refund faster.  You can also put your refund on the TurboTax Prepaid Visa Card.
• Makes it even easier for you to stay informed even after you file by offering you the option to receive updates on your e-file status via text messages.  In addition, if you e-file your tax return, you can track the status of your federal return with MyTaxRefund, a free app available for iPhone and Android.

Mobile Makes it Easier

TurboTax mobile apps make it easy for you to estimate your taxes, prepare and e-file your return and track your refund while on the go.  TurboTax offers the nation’s only start-to-finish tax apps that enable people to prepare and e-file a federal and state tax return directly from a mobile device.  TurboTax Snap Tax designed for you if you have a simple return (1040EZ), lets you snap a photo of your W-2, answer a few simple questions, review for accuracy and e-file from an iPhone or Android in minutes.  If you want more guidance, you can choose to prepare and e-file your taxes with TurboTax for the iPad, which combines the ease and accuracy of TurboTax with the convenience and portability of the iPad.  TurboTax apps for 2011 will be available in January.

Pricing and Availability

TurboTax Online pricing starts at free for simple federal tax returns.  All TurboTax Online federal and state products include e-filing at no additional cost and are now available at http://www.TurboTax.com.

TurboTax 2011 desktop products start at $29.95, including preparation and e-filing for up to five federal returns, and are available at retail stores or direct from TurboTax.

So what are you waiting for?  Take a look at the new TurboTax 2011 Online software.  Find out how TurboTax has made it even easier to get the deductions and credits you deserve!

SAN DIEGO – Dec. 1, 2011 – TurboTax for 2011 now offers free one-on-one tax advice, giving taxpayers unparalleled ease, accuracy and confidence when preparing their tax returns.  Whether it’s by phone or live chat, taxpayers can easily get answers to their tax questions from an experienced tax professional – for free!

TurboTax Logo

TurboTax, the nation’s leading tax software from Intuit Inc. (Nasdaq: INTU), guides customers through their return step by step, helping them claim every tax deduction and credit they deserve so they can be confident they get their biggest possible refund, guaranteed.

Free One-On-One Expert Tax Advice

New for 2011, TurboTax offers free access to its “Ask a Tax Expert” service.  This gives taxpayers personalized answers to their tax questions from an experienced tax professional by phone or live chat, so they feel even more confident that their taxes are done right.

“We’re focused on making it even easier for taxpayers to get their maximum refund,” said Dan Maurer, general manager of TurboTax. “Each year, many Americans needlessly overpay someone else to do their taxes. This year, TurboTax will provide free one-on-one expert tax advice, giving those that need it the confidence that their tax return is done right.”

TurboTax tax experts are highly qualified U.S. based IRS-Enrolled Agents, CPAs or tax attorneys with extensive knowledge in tax law and tax return preparation. Available daily from 5 a.m. to 9 p.m. PT, the free “Ask a Tax Expert” service is accessible through all TurboTax desktop, online and mobile offerings.

Making it even easier for taxpayers to get their biggest possible refund, TurboTax 2011:

• Guides taxpayers step-by-step through their tax return, getting them every deduction and credit they deserve. New improvements make it simpler to quickly enter personal information and claim important deductions and credits, such as dependents or the Earned Income Tax Credit, which could be worth as much as $5,751 per family.

• Transfers information automatically from more than 400,000 employers, banks and financial institutions. Customers gain immediate access to essential tax information, dramatically reducing data entry and making tax preparation easier and more accurate.

• Offers more ways for customers to quickly get their tax refunds. Free IRS electronic filing gives taxpayers an easy and fast way to receive their federal tax refunds – in as little as seven days with direct deposit. No other tax service or software can get taxpayers their refund faster. Customers can also put their refund on the TurboTax Prepaid Visa® Card

• Makes it even easier for customers to stay informed even after they file by offering them the option to receive updates on their e-file status via text messages. In addition, any taxpayer who e-files their tax return can track the status of their federal refund with MyTaxRefund, a free app available for iPhone and Android.

Mobile Makes it Easier

TurboTax mobile apps make it easy for customers to estimate their taxes, prepare and e-file their return and track their tax refund.  TurboTax offers the nation’s only start-to-finish tax apps that enable people to prepare and e-file a federal and state tax return directly from a mobile device. TurboTax SnapTax, designed for taxpayers with simple returns (1040EZ), lets customers snap a photo of their W-2, answer a few simple questions, review for accuracy and e-file from an iPhone or Android in minutes. Taxpayers who want more guidance can choose to prepare and e-file their taxes with TurboTax for the iPad., which combines the ease and accuracy of TurboTax with the convenience and portability of the iPad.  TurboTax apps for 2011 will be available in January.

Pricing and Availability

TurboTax Online pricing starts at free for simple federal tax returns. All TurboTax Online federal and state products include e-filing at no additional cost and are now available at http://www.TurboTax.com.  .

TurboTax 2011 desktop products start at $29.95, including preparation and e-filing for up to five federal returns, and are available at retail stores or direct from TurboTax.

About TurboTax
TurboTax is the nation’s No. 1 rated, best-selling, do-it-yourself tax preparation software. Available on desktop, online and mobile, TurboTax helps more than 23 million people a year easily and accurately claim every deduction and credit they’re entitled to, so they get their biggest tax refund possible. For more information, visit the TurboTax press room.

About Intuit

Intuit Inc. is a leading provider of business and financial management solutions for small and mid-sized businesses; financial institutions, including banks and credit unions; consumers and accounting professionals. Its flagship products and services, including QuickBooks®, Quicken® and TurboTax®, simplify small business management and payroll processing, personal finance, and tax preparation and filing. ProSeries® and Lacerte® are Intuit’s leading tax preparation offerings for professional accountants. Intuit Financial Services helps banks and credit unions grow by providing on-demand solutions and services that make it easier for consumers and businesses to manage their money.

Founded in 1983, Intuit had annual revenue of $3.9 billion in its fiscal year 2011. The company has approximately 8,000 employees with major offices in the United States, Canada, the United Kingdom, India and other locations. More information can be found at http://www.intuit.com.

Intuit, the Intuit logo and TurboTax, among others, are registered trademarks and/or registered service marks of Intuit Inc. in the United States and other countries.

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More than ever, people are using home computers for tax preparation and/or realizing the advantages to e-filing their federal tax return. The IRS is reporting that as of March 4, 2011, almost 19 million tax returns have been e-filed from home computers. That’s almost 6% more when you compare it to the number of e-filed returns last year at the same time.

There definitely continues to be an upward trend in the number of people who e-file. Pretty soon, the vast majority of all returns will be filed electronically. The IRS is also reporting that as of March 4, 2011, 52 million tax returns have been filed. Of those nearly 47 million are e-filed. Seems many people realize the benefits to e-filing their taxes, which include:

1. Fewer tax-time expenses. You can e-file your federal return for free with most services, including TurboTax. It’s hard to beat free. Taxpayers who e-file don’t have to worry about a stamp, envelope, or trip to the post office (for delivery confirmation). Of course, if you hand-write your tax return, then you could potentially come out ahead expense-wise. But you’d still have to overcome these other advantages to e-filing.

2. Getting your refund faster. Returns that are filed electronically get processed by the IRS faster. Those who e-file can begin checking the status of their returns after only 48 hours. Simply put, if you e-file and if you’re due a refund, you’ll get your money back faster. In addition to this, if there are errors on your return, the IRS can pick up on them quicker if you e-file. They’ll send an error report back to you and you’ll have the opportunity to quickly make the changes and re-file. As you can imagine, the turnaround times for paper returns is much longer. Finally, there’s also less of a chance of your return getting lost if you e-file. In fact, there’s zero chance your return will be lost. But the same can’t be said for paper returns.

3. Better security. At first glance it may seem more risky to transmit your personal details and banking information over the internet. But e-filing uses encryption technology, which scrambles your data before it’s transferred from your computer to the IRS. By e-filing, you never have to print your return, nor do you have to physically mail it. If you mail your return, your personal data, written in non-encrypted English, is available to anyone who can access and open the envelope.

Of course, some people cannot e-file because (1) they are amending a return, or (2) they might have to file a form that isn’t on the list of forms that can be e-filed with the IRS. If this is you, then get to work on that paper return so you can avoid the rush.

Finally, you might not want to e-file your tax return because you owe money and you want to delay payment for as long as possible. If you are so inclined, mailing your return with a check on the last day to file taxes, April 18th, will delay your tax payment as long as legally possible. Just be sure to bring along some reading material for the post office.

That means, now’s the time for everyone to get organized. E-file early and you not only avoid the long lines of procrastinators at the post office on April 18th (and the ensuing stress that comes with the territory), but you reap other benefits beyond peace of mind–like these:

Quick Tax Refund

One of the primary advantages to e-filing is that returns are processed in just 24-48 hours. This results in a refund in about 14 days as opposed to up to 6 weeks for a paper return; just 10 days if you don’t itemize tax deductions and use direct deposit.

Direct deposit options

If you’re an e-filer, you can designate up to three financial accounts to deposit your tax refund or use this money to purchase US Series I Savings Bonds. You can even gift the savings bonds to a child or grandchild to help save for college.

Accuracy rate

According to the IRS, 20% of tax returns prepared with paper and pencil have mistakes; the error rate on returns prepared electronically is just 1%. Furthermore, if there is a mistake on your tax return, the IRS can detect it and send back an error report in as little as 48 hours so that you can quickly fix the problem.

Opportunity to adjust your withholding

File early and you’ll likely see that having too much tax withheld from your paycheck. After all, 2 out of 3 taxpayers got a refund last year and the average refund was nearly $3,000. It’s better to adjust your tax withholding and get this money – about $250 a month! – as you earn it than to give the government an interest-free loan.

Here’s what to do now:

Folders, Folders, Folders!

As all of your forms start to trickle in (they must be mailed to you by January 31 so be on the lookout!), you need to have a record keeping system in place. Specifically, a filing system, and for many of this, that means FOLDERS! Set up different folders for each of the following: INCOME (This folder should include things like your W2’s from all your employers and any interest or dividend income from investments -1099-DIV or 1099-INT), DEDUCTIONS (This folder should include all of your deductions for property taxes, charitable giving and mortgage interest), and RECEIPTS (This folder should include all receipts eligible for deductions). You could even have a separate folder labeled HOMEOWNER for things like your mortgage interest form (Form 1098), and sale of your home (Form 1099-S) as well as a MISCELLANEOUS folder for things like your tuition statement (Form 1098-T), and state and local income tax refunds (Form 1099-G).

Review all your tax documents

Just because you have your filing system established doesn’t mean you should simply throw your forms into the folders and forget about it.  Review each document as it comes in.  Is everything correct? Any discrepancies? Know that getting a corrected 1099 or W-2 can take a while, so don’t delay if there are errors.

Take advantage of all credits and deductions

Chances are, you’re confused. After all, the last-minute compromise in the umpteenth hour to extend the Bush tax cuts included a bunch of other tax changes. Plus, a lot of 2009 tax credits expired. Just make sure you know the new 2010 tax rules do that you can take advantage of every break you’re eligible for, from the Energy And Appliance Tax Credit to the American Opportunity Tax Credit. This is where a program like TurboTax (used by 20 million Americans) can really help.  Plus, it will help you avoid making simple math mistakes that could be costly.

File early!

Once everything is together and you’re ready to file, file electronically.  E-filing is the quickest way to get your refund–it’s yours in as few as 14 days; 10 if you use direct deposit. Futhermore, electronic returns have 13% fewer mistakes than paper returns.

Stop Buying Books

Did you know that every time you buy a book off Amazon or from your local bookstore, you’ve actually purchased your second copy? If that sounds confusing, consider that there’s a cool building near your house that is just full of books you can borrow for weeks at a time. It’s called a library and it’s filled with books. Books you pay for with your taxes. It even has magazines and movies (and CDs and free internet access). It’s a magical place… and best of all, membership is free (technically you’ve already paid for it with your taxes).

Stop buying books and start going to the library!

Skip the Gym

Let’s be honest, gym memberships are usually a waste of money. For a diligent few, it’s a great deal because you can use expensive equipment at the fraction of the price. For many, it’s just a monthly fixed cost for something you don’t use. I have to admit, I have a gym membership. I don’t go as often as I should, but I go a lot more often than most people. If you saw all the misery on their faces when they’re running the treadmill or elliptical machine, it’s amazing gyms can even charge for a membership.

Why not cancel the membership and exercise outside? Instead of paying for a gym membership, buy the gear you’d need to hike some trails or bike on the streets. A mountain bike sounds expensive until you count how many monthly gym membership payments it really is.

Skip the Accountant

For some people, hiring an accountant makes sense. If you run a business and are terrible with your books, paying for an accountant can save you headaches and hassles when it comes time to prepare your taxes. If you pay an accountant to fill out a 1040-EZ, then you’re getting ripped off. In fact, if you even pay to efile a 1040-40 EZ, you’re getting ripped off. You should be able to do it for free.

In fact, TurboTax Freedom Edition includes a litany of other forms and schedules. Chances are you can benefit from free tax filing if you meet some basic requirements, so why pay an accountant? If you don’t meet basic requirements, TurboTax Online Free Edition could also be for you and includes free Federal e-filing and tax preparation.

Skip Credit Monitoring Services

We all know how important our credit score is and that’s why credit score monitoring services have become so popular. The problem is that you can do a lot of it yourself by taking advantage of a variety of absolutely free services. Do it yourself identity theft protection includes reviewing your credit reports at AnnualCreditReport.com, using OptOutPrescreen.com to get your name off mailing lists, and using Credit Karma to monitor your score. Everything is free, so why are you paying $30 a month for nothing?

Carpool

Do you drive to school or work every single day? How many miles do you go each way? If you drive 20 miles to work or school, that’s over ten thousand miles a week. If your car gets 25 miles to the gallon, you’ll need to fuel up 416 gallons just on your commute. If you pay $3 a gallon (which is considered a steal where I’m from!), that’s a cool twelve hundred dollars just to get you to and from work. That’s just on the fuel, we haven’t even considered regular maintenance to keep your car running.

Why not find a carpool? If you were to cut just one day of driving, you could save hundreds of dollars a year. It’s a bit of a hassle coordinating when you need to leave and to marry up your schedules but you don’t need to carpool every single day, just carpool once and pocket the savings.

Ditch Cable Television

If you have an internet connection, you don’t need cable service. Between the various network websites and Hulu.com, you can get streaming video of almost any show you want. You won’t be able to watch them live but when you’re cutting out a hundred dollars of fees each month, you probably won’t care whether or not you’re watching that sitcom live (do you even watch them live? Or do you rely on your DVR?). You can also buy an HD antenna and watch HD content for free if you point your antenna the right way (AntennaWeb has a handy map to help you). If you can’t help cutting the cable, at least shop around and take advantage of promotions. When I changed to Verizon, I made sure to use a Verizon FiOS promotion to get the best deal.

So consider some of these free alternatives to the things you already pay for and put that money to something you can fully enjoy!

Will You Get a Tax Rebate?

Tax rebates are issued when people pay more taxes than they owe. They may have overpaid based on the amount withheld from their paycheck or from conservatively estimated tax payments. Taxpayers have an option of receiving a paper check or direct deposit for their tax rebate.

What’s the Average Tax Rebate?

Last year, the average tax refund was nearly $3,000. That’s quite a bit of money that can be spent wisely if you plan ahead. Some people use their tax refunds to help them reach some financial goals that they have, such as:

• paying down/off a credit card
• starting/building an emergency fund
• saving up for a down payment on a house

We used our tax refund to reduce our mortgage. In past years, we’ve been able to speed up the process of paying off our car loan, fund a vacation, and set aside money in savings.

Some people prefer getting the money in one lump sum, while others make adjustments on their withholding from their paychecks. You have to weigh the pros and cons of each option based on your financial habits. Speaking of rebates, when you file your taxes, how quickly can you expect to get it? E-file normally gets your refund in your hands faster. Used TurboTax? Here are a few free ways to track your tax refund once you’ve filed.

Increasing Your Tax Rebate Legally

You don’t have to do anything shady to get a bigger refund. You can increase your tax rebate by making sure you take all your  tax deductions and tax credits that you’re entitled to. Since tax credits and deductions change year to year in some cases, it’s best to get professional advice on the topics. Tax preparation software like TurboTax can make it incredibly easy to find what you need.

Thoughts on Tax Rebates

How about you? If you got a tax rebate last year, how did you use it? Do you prefer getting a tax rebate or do you adjust your withholding to compensate?

TurboTax Tools

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Taxes are all about numbers, and when they start adding up, keeping track can be confusing. To combat this problem, TurboTax offers a number of free, web-based resources and calculators for such things as:

• Estimating your 2011 tax refund
• Projecting the tax implications of major life changes
• IRA contributions and their tax consequences

This same webpage also offers how-to videos and step-by-step article tutorials on topics like reducing tax return errors, child tax credits and more. Whether you’re trying to perform specific calculations or simply educate yourself on general tax topics, chances are you’ll find what you need in our resource center.

SmartMoney Capital Gains Tax Estimator

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Investors must pay not only income tax – like the rest of us – but also a separate tax called capital gains tax. There are actually two rates:

• Long-term capital gains (on assets held longer than one year)
• Short-term capital gains (on assets held for one year)

For investors with large, diversified portfolios, calculating exactly how much tax is owed can become quite daunting. Thanks to SmartMoney’s capital gains tax calculator, it doesn’t have to be. Rather than guessing about numbers or wondering how your tax filing status fits into the equation, the calculator asks you for all the relevant information and tells you in black and white terms what to pay.

IRS Withholding Calculator

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It happens every year: people get huge tax refunds and celebrate their unexpected windfall. Suddenly they can take that vacation or pay off that pesky credit card bill. Exciting as this may be, it’s important to realize exactly what takes place when you get a big refund check. This is not “free” money that simply fell out of the clouds – rather, it is your money that you, in effect, lent to the IRS all year long without receiving any interest.

True, some people would rather get the lump sum anyway (as sort of a forced savings plan) but not everyone prefers this option. The best way to prevent it from happening is by adjusting your W-4 withholding form at work, which this free IRS calculator helps you do.

Bankrate Estate Planning Calculator

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Estate planning may not be a pressing matter for you before April 15, but it always pays to get a head start. Unfortunately, as with capital gains, figuring out estate planning issues is very number heavy – in fact, much more so. Trying to juggle all of the different variables in your head (gift allowances, insurance policies, asset values, etc.) is virtually impossible and bound to produce errors.

That’s why Bankrate’s estate planning calculator is such a handy tool. While it’s not a quick process, you can be confident upon clicking “Calculate” that every relevant variable is reflected in the answers this calculator generates. What was once a hazy mess of numbers and “what if” scenarios will be reduced to a manageable task.

Kiplinger Tax Burden Estimator

(source)

Ever wonder how much of the tax burden you are individually responsible for? Kiplinger’s tax burden estimator will tell you. Simply type in your adjusted gross income from last year (line 37 if you used the Form 1040, line 21 on Form 1040A or line 4 on the 1040-EZ) and press “Submit.” In seconds, the calculator will tell you what percentage of income earners you belong to, the percentage of total income taxes your group paid, and roughly how many people belong to that same group.

You can also type in in different income amounts to estimate how changes in your income will change your relationship to the tax burden.

Forbes Top 10 Missed Deductions

(source)

We all think we know the tax deductions available to us, but a surprising number of us miss out on big savings. Forbes, for instance, reported that “nearly one million people fail to itemize mortgage interest, resulting in an overpayment of $473 million” according to an early 2000′s study. In the same article, Forbes summarizes the top ten most missed tax deductions with plain English explanations and powerful reminders to take advantage.

Of course, keep in mind that free online tax filing will automatically analyze your return and alert you to every single deduction that you can legally take advantage of in 2011. From now till the end of January, 2011, a tax expert will answer your tax question for free. Just visit http://www.freetaxquestion.com.

Infographic by Column Five Media.

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Some taxpayers who filed electronically and received an acknowledgement from the IRS are concerned when they visit “Where’s My Refund” and are told that IRS has no information regarding their tax return. The IRS informed us on February 10 that this is a temporary situation and should be resolved in several days.  At that time, you will be able to get an expected refund date when you visit “Where’s My Refund.”

This is an IRS issue and impacts returns regardless of who sends them in
to the IRS. This is not a TurboTax issue.

If you have received an acknowledgement of your tax return from the IRS, then the IRS assures us they have received your return and are processing it.

Information on the status of your refund will be updated in “Where’s My
Refund” once your return processes. This is a temporary situation, and we expect to resolve the matter in a few days.

IRS expects the vast majority of tax refunds to continue to be issued
within the historical range of 10 to 21 days.

The IRS has updated it’s Where’s My Refund site with additional FAQs: http://www.irs.gov/newsroom/article/0,,id=254102,00.html

Update: IRS announced they will begin accepting delayed returns Feb. 14

Ready to file your taxes already?  You can electronically file your 2010 tax return with TurboTax today, even if you are affected by the recently announced IRS processing delays.  If you prepare and e-file your return with TurboTax we will automatically e-file your federal tax return when the IRS begins accepting them in February, you can receive your state refund as soon as possible and be done with your taxes!

“There’s no need to wait to file your taxes this year,” said Bob Meighan, CPA and vice president of TurboTax. “By e-filing now with TurboTax, your return is in the queue when the IRS starts processing refunds. TurboTax will notify you the moment your return has been e-filed with the IRS and we’ll let you know when to expect your federal refund. In addition, we’re working with states to help our customers get their state tax refunds without delay. There’s no reason to wait or worry with TurboTax.”

Wondering if you your tax return will be affected by IRS delays?  Taxpayers who itemize tax deductions and those claiming the Higher Education Tuition and Fees deduction or the Educator Expense Deduction will be impacted by the delays, which affect all tax preparation methods and include both e-filed and paper tax returns.  You can also check out this post to find out if your state is anticipating any delays of state tax returns.

A quick tip: the IRS is urging all taxpayers to electronically file their 2010 taxes to ensure accurate returns and faster refunds. Once the IRS begins processing tax returns affected by the delays, if you e-file and choose direct deposit you can expect your tax refund in as little as eight days.

If you still have questions about the IRS delays or any other tax question you can take advantage of a free answer from a TurboTax tax expert through Jan. 31 at http://www.freetaxquestion.com.

So what’s new in TurboTax 2010?  Here are a few of the highlights:

Greater Ease and Accuracy

TurboTax 2010 has expanded the ability to automatically transfer essential tax information from your last year’s return and from hundreds of thousands of employers and financial institutions. Instead of typing in wage, interest, dividend, stock transactions, and mortgage information, you can instantly transfer that data and simply confirm it’s correct.

Eliminating more manual data entry, TurboTax is now able to transfer:

• Wage, salary, investment and mortgage information – the same data the IRS receives – from more than 250,000 employers and 300 financial institutions, banks and credit unions.
• Tax and personal information from last year’s tax return prepared on different software into your 2010 tax return via PDF.
• Interest income from financial institutions, banks and credit unions by connecting with your Mint.com accounts.

Customized Guidance and Recommendations

Based on all the information TurboTax is able to transfer and answers to a few simple questions, TurboTax will guide you step-by-step through a customized preparation process to help make sure you get every deduction and credit to which you are entitled. Whether it’s $1,757 for a college education, $3,000 for triplets or $2,351 for a new hybrid car, TurboTax is going to make sure you get every dollar you deserve.

This year, the unique GPS feature in TurboTax provides additional guidance and recommendations, based on your individual tax situation.  For example, taxpayers may not know which of the 16 different education deductions and credits will get them to their maximum refund. But TurboTax does.  By doing hundreds of calculations and recommending the best choice, TurboTax makes tax preparation even easier.

Better, Faster Answers

Have questions along the way?   Streamlined and integrated help puts answers at your fingertips. With a single click, TurboTax quickly searches and brings together all the relevant answers from thousands of FAQs, articles and the TurboTax Live Community.

You can also speak with TurboTax customer support and a tax expert if you’d prefer.

Fast Refunds

We know getting your refund quickly is important, so this year TurboTax offers more ways for you to get your refunds as quickly as possible. For free, IRS electronic filing is the fastest, easiest way to get your federal refund, in as little as eight days with direct deposit. You can also choose to put your refund on the TurboTax Refund Card, a pre-paid debit card.

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Infographic by Column Five Media.

The average tax refund is more than $3,000. In which states are the most deposits occurring? Which states have the most banks? If you e-file, you can get your refund back in as few as 8-10 days.

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