There’s just about two weeks left in the tax season and according to the IRS a majority of taxpayers have already filed their taxes and as of the IRS latest report about 79% have already received a tax refund close to $3,000. With that big tax refund it’s no wonder the majority of taxpayers have already filed.
If you still have not filed, don’t worry there is still time and TurboTax can help you with these 8 last minute tax tips to get you to the finish line.
Gather your documents in one place: When you sit down to file your taxes make sure you have all the necessary documents like W-2s, 1099s, receipts for expenses, mortgage interest, and your kids’ social security numbers in front of you.
Go online and e-file. According to the IRS, self-prepared e-filed tax returns from home computers are up about 4% compared to last tax season. TurboTax makes it easy to e-file your taxes online in the convenience of your own home. New this year, with TurboTax Online you can easily and accurately jump-start your taxes with the snap of a photo, connect with TurboTax experts live via one-way video to get answers to your specific questions and get personalized and relevant explanations about changes in your tax refund. Whether filing from a smart phone, tablet or computer, you benefit from the convenience of anytime, anywhere access with the ability to seamlessly start, stop and continue your taxes across devices. At this point, if you take your taxes to someone you most likely will have to wait in line to get your taxes filed. By going online to prepare your taxes, you can save time and money, avoiding long lines and the hassle of making an appointment.
E-file with direct deposit. If you are expecting a tax refund, e-file with direct deposit is easy, secure and the fastest way to get your federal tax refund. Nine out of 10 tax refunds are issued within 21 days or less, compared to six to eight weeks for paper-filed tax returns.
Double-check important information. According to the IRS, one of the top mistakes taxpayers make when rushing to meet the tax deadline is gathering incorrect Social Security numbers for their children and spouses.
Make sure you have the correct Social Security numbers when you prepare your taxes. Correct Social Security numbers are required to get valuable tax deductions, credits and exemptions.
Don’t forget what you did last year. The IRS reports that the majority of taxpayers – about 75 percent – take the easy way out and take the standard deduction, but including a few additional receipts may push you over the standard deduction, lowering your tax liability.
Don’t forget about the money you shelled out for expenses like previous state tax liability paid, job search expenses, summer day camp—even the cost of moving a pet may save you money on taxes.
Remember to include charitable contributions made throughout the year (i.e. donated clothing, household goods and even mileage to and from charitable events). TurboTax ItsDeductible will help you track and accurately value your donated items.
When you file with TurboTax, you will be asked simple questions about your life and TurboTax will check to see if you are eligible for over 350 tax deductions and credits.
Don’t wait for Form 1095-B or 1095-C. If you have employer provided insurance, private insurance, Medicaid, or Medicare you may be waiting for Form 1095-B or C, but there is no need to wait. Per the IRS you do not need to file these forms with your taxes. They are for information only so go ahead and file!
File even if you owe. Remember going on extension only extends the time to file your taxes, but if you owe you are still required to pay what you owe. Even if you owe money, you can ask the IRS for an installment agreement when you file your taxes. The installment agreement will allow you to pay your tax debt over six years.
Plus you may have a tax refund coming once TurboTax searches for over 350 tax deductions and credits you may be eligible for.
You are not alone. Even though you are doing your own taxes at your convenience, exclusively through TurboTax SmartLook, you can quickly connect with TurboTax experts who answer questions in real time – completely free. TurboTax experts can also highlight key fields and next steps on the screen for you, so you can complete your tax return with confidence. With just a click, you can benefit from a second pair of eyes on your tax return so you never feel alone. If you have tax questions, you can get them answered by our TurboTax tax experts who are CPAs and Enrolled Agents when you use TurboTax Online.