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

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Today, January 24, the Internal Revenue Service (IRS) officially kicked off the opening of the 2022 tax filing season and is now accepting and processing tax year 2021 e-filed tax returns. As we all know, some taxpayers wait until the last minute to file their taxes, but if you stop to think about it, why wait?

It is no secret that your tax refund can make a big difference in your financial life, and if you receive a tax refund – which the IRS reported more than 75% of taxpayers did receive one last year – you may want to submit your tax return as quickly as possible. TurboTax is open now, so you can e-file your taxes and get one step closer to your tax refund.

Still need convincing to file now? Before you resign yourself to procrastinating until the April 18, 2022 tax deadline, here are five great reasons why you should get a head start on your taxes and electronically file your 2021 tax return ASAP.

1. Get your tax refund sooner: Events that occurred last year and into this year can really take a toll on finances, which is one of the reasons you may want to file your taxes as soon as possible and receive your tax refund sooner. Last tax season, more than three out of four tax filers received a tax refund, and the average direct deposit tax refund was close to $3,000! The IRS states that most taxpayers will receive their tax refunds within 21 days or less of acceptance when they file electronically with direct deposit if there are no issues with their tax return. Plus, there are so many tax deductions and credits to help your overall tax picture that you may see a bigger refund than you were expecting.

*You could get your tax refund up to 5 days earlier when you have it deposited with Credit Karma Money™*. If you do choose to use Credit Karma Money™ to get your refund earlier all the money will be yours to keep because we never charge fees.**  

2. You may be eligible to file for $0 any way you want to file: If you have a *simple tax return with no schedules, you have the choice to do your taxes yourself with TurboTax Free Edition all season, get help from a tax expert along the way with TurboTax Live Basic Offer through March 31, 2022, or have a dedicated tax expert do your taxes for you from start to finish with TurboTax Live Full Service Basic Offer through March 31, 2022 – all for $0. No matter how you want to file, you can file a simple tax return for FREE. 

*TurboTax Free Edition, TurboTax Live Basic Offer, and TurboTax Live Full Service Basic Offer are designed for tax filers with a simple tax situation, filing Form 1040 only. Simple situations covered include W-2 income, limited interest and dividend income, standard deduction, Earned Income Tax Credit, and Child Tax Credit, and Student Loan interest.

3. Filing online is easy: Using TurboTax online is effortless, accurate, and saves you money. Once you have gathered your tax forms, you can go online and answer simple questions related to you and get your maximum tax refund. TurboTax searches for more than 350 tax deductions and tax credits and makes sure you get every dollar you deserve based on your answers. There’s no reason to take your taxes somewhere when you can do your taxes or get your taxes done in the comfort of your own home!

4. Get advice from tax experts or fully hand your taxes over from your couch: When you file your taxes with TurboTax Live, you can connect live via one-way video to a TurboTax Live tax expert with an average of 12 years of experience to get personalized tax advice, on-demand, from the comfort of your home. TurboTax Live tax experts are available in English and Spanish and can help you along the way or you can fully hand your taxes over with TurboTax Live Full Service

5. Time to pay taxes if you owe: If you owe money to the IRS, you may still have a good reason to file your tax return as soon as you can. If you submit your tax return early, you do not have to pay taxes you owe until the filing deadline in mid-April. Preparing your taxes early will give you time to figure out how you’re going to pay, or other options if you owe. You can even make a 2021 contribution to your IRA before the tax deadline of April 18, 2022 and reap the benefits of an additional tax deduction on your 2021 taxes reducing what you owe or increasing your tax refund.

*Get your tax refund up to 5 days early: When it’s time to file, have your tax refund direct deposited with Credit Karma Money™, and you could receive your funds up to 5 days early. If you choose to pay your tax preparation fee with TurboTax using your federal tax refund or if you choose to take the Refund Advance loan, you will not be eligible to receive your refund up to 5 days early. 5-day early program may change or discontinue at any time. Up to 5 days early access to your federal tax refund is compared to standard tax refund electronic deposit and is dependent on and subject to IRS submitting refund information to the bank before release date. IRS may not submit refund information early. 5-day early program may change or discontinue at any time. 

**No Fees: Third-party fees may apply. Please see Account Terms & Disclosures for more information.

For Credit Karma Money (checking account): Banking services provided by MVB Bank, Inc., Member FDIC. Maximum balance and transfer limits apply.