Time flies when you’re having fun, right? Well, that’s how we feel about tax season! April 18th is quickly approaching, and even if taxes aren’t your definition of fun, check out some favorite tax tips straight from our very own TurboTax experts. Follow these and you’ll be filed and fabulous in no time.
- Make Things Easy: To get you started on your return, Lisa Greene-Lewis, a CPA and Tax Expert at TurboTax, says that the best thing is to “gather your documents, like your W-2s and 1099s, all in one place when you sit down to file so you’re not running around at the last minute.” For all of the simple filers out there, Andrew Little, TurboTax Mobile Product Manager, recommends to “use our mobile app! It’s super quick, easy and just as accurate as our web product.”
- Boost Your Refund: Lisa also wants you to remember that “you still have time to contribute to your IRA by the tax deadline, and lower your taxes. You can contribute up to $5,500 ($6,500 if 50 and over) and get a tax deduction on your taxes. By doing this you also may be eligible for the Saver’s Credit for up to $1,000 ($2,000 married filing jointly). Just remember to tell your plan administrator that your contribution should be applied to your 2016 contributions.”
- Be Savvy about Self-Employment Expenses: Dirk Reschly, CPA and Senior Tax Content Analyst, suggests to “claim some portion of the cost of your prior year income tax preparation fees against your self-employment income (Schedule C form).” Whether you used TurboTax last year or not, “you may allocate some portion of this expense against your self-employment income.”
- Ask for Help: TurboTax SmartLook™ experts are credentialed CPAs and Enrolled Agents who provide you with live help, on-demand right from your screen via one-way video. According to Sara Katz, Care Product Manager at TurboTax, “you can even schedule a time with a tax expert to ask any tax questions before you file. You can even see them on video, but don’t worry – they can’t see you in your pajamas.” She added, “they can even see your screen to help direct you to the answers. On your computer, just click on ‘Contact’ in the upper right corner to connect. TurboTax SmartLook™ is also available using TurboTax mobile app”
TurboTax will help you all the way until you click file! TurboTax asks you simple questions and gives you the tax deductions and credits you are eligible for based on your answers, even down to the last minute. Don’t wait, get started today.