On February 12, the Internal Revenue Service (IRS) officially kicked off the opening of the 2020 tax season and is now accepting and processing 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 close to 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 May 17, 2021 tax deadline, here are five great reasons why you should get a head start on your taxes and electronically file your 2020 tax return ASAP.
- 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, close to 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 nine out of ten taxpayers will receive their tax refunds within 21 days or less of acceptance when they file electronically with direct deposit. Plus, there are so many tax deductions and credits and relief available to help your overall tax picture that you may see a bigger refund than you were expecting.
- You may be eligible to file your taxes for free: TurboTax has helped millions of Americans file their federal and state taxes for free with TurboTax Free Edition. For the seventh year in a row, millions of Americans with a simple tax return only can file their federal and state tax returns for free, guaranteed with TurboTax. $0 fed. $0 state. $0 to file.
- 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 one you deserve based on your answers. There’s no reason to take your taxes somewhere when you can do your taxes in the comfort of your own home!
- 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 can even review, sign, and file your tax return and they are available in Spanish and English. New this year, you can fully hand your taxes over to a TurboTax Live tax expert without leaving home with TurboTax Live Full Service. If you file simple federal and state taxes with TurboTax Live Basic, you’ll get on-demand access to tax experts for unlimited advice, answers, and a final review.
- 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-May. 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 2020 contribution to your IRA before the tax deadline of May 17, 2021 and reap the benefits of an additional tax deduction on your 2020 taxes reducing what you owe or increasing your tax refund.