The tax deadline is upon us! Most people who are due tax refunds file early in the year, but this year is a little different. According to IRS latest stats, there are millions of tax refunds that still need to be issued for this tax season. But no matter whether you are due a tax refund or owe money, with just one day left before the tax deadline (11:59 pm local time on Monday, April 15th), it’s time to hop to it. Here’s how:
- Get started. Gather together your W-2s and 1099s that report income all in one place. Also, don’t forget receipts and forms that report expenses worth valuable deductions and credits like receipts and forms showing childcare expenses, charitable donations, or student loan interest.
- Double-check important information. Don’t rush when entering information like social security numbers. 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, and even misspelling their name! Dependents are worth valuable deductions and credits but you have to have the correct social security number to claim them.
- E-file. TurboTax makes it easy to e-file your taxes online in the comfort of your own home. With the TurboTax Mobile App you can easily jump start filing by snapping a photo of your W-2 or importing your W-2 or 1099 information directly from your payroll provider and financial institution. Your information then transfers to the correct forms eliminating data entry and allowing you to move seamlessly across devices so you can do your taxes anytime, anywhere.
- Choose direct deposit. E-file with direct deposit is the fastest way to get your tax refund. If you e-file with direct deposit, the IRS still expects to issue nine out of 10 tax refunds within 21 days or less of acceptance. Paper filed returns usually take six to eight weeks from acceptance, but they are taking longer right now.
- Get a last-minute tax deduction. The CARES Act also extended the deadline to make a 2019 IRA contribution. Up until the July 15 deadline, you can contribute up to $6.000 ($7,000 if you’re over 50) to your traditional individual retirement account (IRA) and take advantage of a 2019 deduction for your contribution. Just make sure you tell the administrator that your contribution is for 2019 otherwise they may assume that your contribution is for 2020.
- File even if you owe. Although filing an extension can get you until October 15 to file your 2019 taxes; an extension to file is not an extension to pay. If you owe money, file your tax return by the July 15 tax deadline and pay as much as you can. If you can’t pay, don’t worry. You can apply for a payment plan agreement. You may be eligible for an installment payment plan for up to six years.
- Talk to a CPA or Enrolled Agent from the comfort of home. If you have tax questions you can connect live via one-way video to a TurboTax Live CPA or Enrolled Agent with an average of 15 years experience to get your questions answered without leaving your house. Bilingual CPAs and Enrolled Agents are available with TurboTax Live.
Don’t worry about knowing tax laws and forms. TurboTax will ask you simple questions about you and give you the deductions and credits you deserve based on your answers.
*Victims of tornados, severe storms, and flooding in certain counties in Mississippi, Tennessee, and South Carolina have until October 15 to file their 2019 taxes and pay if they owe.