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Tax News

IRS Announces E-file Open Day! Be the First In Line for Your Tax Refund

January 6, 2020 January 7, 2020 / TurboTaxLisa

Mark your calendars! The IRS confirmed today that they will begin processing tax returns on Monday, January 27, 2020. You can get started now and be first in line for your tax refund! TurboTax is already accepting tax returns and will securely hold them for transmission to the IRS and States once they begin accepting e-file.

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Tax News

Congress Extends Expired Tax Breaks Helping You Keep More Money in Your Pocket

December 23, 2019 January 15, 2020 / TurboTaxLisa

Last week, the Taxpayer Certainty and Disaster Tax Relief Act of 2019 — which provides tax relief for millions of Americans — was passed by Congress and signed into law by the President. The law extends many already expired provisions...

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Tax Planning

Holiday Bonus Season: How Your Holiday Bonus is Taxed

December 4, 2019 December 3, 2019 / Ginita Wall, CPA, CFP®

December is a time for giving gifts, and some employers give year-end bonuses to their employees to show gratitude for a year of faithful service. If your employer has promised you a bonus, you’re likely already thinking of all the...

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TurboTax News

The IRS, TurboTax, and Industry Partners Announce the Beginning of National Tax Security Awareness Week 2019

December 2, 2019 December 3, 2019 / TurboTaxBlogTeam

‘Tis the season to think about how you can give to family, friends, and charities, but you also have to think about how to safeguard your financial information from those who may not be as charitable. The IRS, TurboTax, and...

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Tax News

The PATH Act and What You Need to Know About Expiring ITINs

November 25, 2019 / TurboTaxLisa

The Protecting Americans from Tax Hikes (PATH) Act of 2015, which was passed by Congress and signed into law in December 2015, requires taxpayers to renew expired ITINs in order to file their taxes. The IRS announced that more than...

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Tax News

IRS Provides Further Guidance on the Taxation of Virtual Currency

October 15, 2019 October 23, 2019 / TurboTaxLisa

On October 9, 2019, the IRS released further guidance, on how virtual currency should be taxed. The last guidance, issued in 2014, explained that virtual currency is treated as property for Federal income tax purposes and applied tax principles applicable...

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Tax Planning

8 Last Minute Tax Tips to Make the Tax Extension Deadline

September 24, 2019 September 25, 2019 / TurboTaxLisa

The air is cooling down, fall is already here, and another important tax day is quickly approaching! If you filed for a tax extension on April 15, you have until the October 15 tax extension deadline to file your taxes....

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Self-Employed

Train Your Own Gym Clients? Make Sure You’re Snagging These Tax Breaks

March 1, 2019 July 11, 2019 / Ginita Wall, CPA, CFP®

If you are a personal trainer, you know what it takes to keep your body fit. But what about your self-employed business? Often personal trainers don’t even think of themselves as being in business, but they are. As a self-employed...

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Tax News

E-File is Now Open: Why You Should File your Taxes Early

January 28, 2019 March 30, 2019 / TurboTaxBlogTeam

Today, January 28, the IRS officially kicked off the opening of the 2019 tax season and is now accepting e-filed tax returns. As we all know, some taxpayers wait until last minute to file their taxes, but if you stop...

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Tax Refunds

What To Expect When You’re Expecting…a Tax Refund

January 17, 2019 March 15, 2019 / TurboTaxBlogTeam

Ready for your tax refund? You’re not alone! Close to 75% of taxpayers received a federal direct deposit tax refund of about $3,000 last year! TurboTax is now accepting tax returns, which means you’re one step closer to receiving your...

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