The IRS will begin accepting e-filed tax returns on Monday, January 29, 2018. You can get started now and be first in line for your tax refund: TurboTax is accepting tax returns today and will securely hold them until the IRS opens, so you can be one of the first in line for your maximum tax refund. The average tax refund last year was close to $3,052 so there is no reason to wait!
If you need some extra motivation, here are 10 quick tips to help you get a jump-start on your tax refund:
1. Gather Your Documents in One Place
Gather your documents, forms, and receipts for tax-deductible expenses in one place so you don’t forget anything come filing time. TurboTax asks simple questions specific to you, but having your documents ready to go will save you time. Pro tip: keep a folder next to where your mail comes in so that when W-2s, 1099s, and other relevant forms start to roll in, you can keep them together in an easily accessible spot. Also, always have a copy of your prior year tax return in case you need to access your prior year adjusted gross income when you file.
2. Go Online and File
When you go online with TurboTax it’s easy to file your taxes. You don’t need to know anything about tax laws and tax forms. TurboTax asks simple questions about your life like, “Did you get married?” or “Did you have a baby?” and personalizes the program to you so you only see questions relevant for your tax filing situation. You can also take advantage of TurboTax new product enhancements to help you get your taxes done with confidence.
3. Do Your Taxes for Free
More than 60 million taxpayers have a simple tax return (1040 EZ or 1040A), but they are paying too much to get their taxes done by taking them to someone when they can do them themselves. With TurboTax Absolute Zero you can e-file your Federal and State tax returns for absolutely free if you can file Form 1040EZ or 1040A. If you are new to TurboTax and filed with another provider in 2017, you can import last year’s tax return for free, eliminating data entry and giving an effortless, worry-free jump-start on your taxes.
4. File Anywhere, Anytime
With TurboTax you get the luxury of filing your taxes seamlessly across devices, anytime and anywhere you want. You can conveniently jump-start your taxes by snapping a photo of your W-2 with your phone or tablet, and watch as your information is securely put into the correct tax forms eliminating data entry. You can start on your phone, take a break, and finish your taxes on your computer. And with the new TurboTax Live you can connect live via one-way video to a CPA or Enrolled Agent so you can get answers to your tax questions and even have the tax expert review, sign, and file your tax return without leaving the house.
5. E-file with Direct Deposit
When you go online and file with TurboTax you can e-file with direct deposit. E-file with direct deposit is the fastest way to get your federal tax refund. The IRS states that nine out of 10 taxpayers who e-file with direct deposit will receive their federal tax refund within 21 days or less. When you file your taxes with TurboTax today, TurboTax encrypts your data and will safely and securely hold your taxes and securely transmit them to the IRS when they open so you can be one of the first in line for your tax refund.
6. Import your Financial Information
Payroll providers and financial institutions are required to issue your tax forms like W-2s and 1099s by January 31, but you don’t need to wait for those forms to start your taxes. TurboTax can securely import tax information directly from millions of employers and financial institutions, eliminating data entry and increasing accuracy for effortless tax preparation.
7. Remember 2017
It’s not hard to remember big things like getting married or having a baby, but our lives are busy and some little expenses can add up to big tax deductions! Don’t forget to have receipts in hand for expenses related to your job search, day camp for the kids, charitable donations, and medical expenses, (just to name a few!) when you sit down to file your taxes. These additional expenses may help you get a bigger tax refund.
8. Double Check Social Security Numbers
Make sure you have your correct social security numbers before sitting down to file your taxes. You need to include correct social security numbers for you, your spouse, and dependents in order to get valuable tax credits and deductions like personal exemptions worth up to $4,050 each and the Earned Income Tax Credit worth up to $6,318 for three or more kids.
9. Don’t Wait to File
Last year about 75% of taxpayers received a tax refund and the average tax refund was close to $3,052, so there is no reason to wait to file your taxes.
10. TurboTax is Here So You are Never Alone
TurboTax will ask you simple questions about you and give you the tax deductions and credits you are eligible for based on your answers. You can also connect live, via one-way video to a TurboTax Live CPA or Enrolled Agent to ask your tax questions and have them review, sign, and file for you.
For most filers, your 2017 taxes will not be impacted by the new tax reform legislation. The new tax laws mainly focus on 2018 taxes, which will be filed in 2019. TurboTax has you covered and is always up to date with the latest tax laws, so you can start filing now with complete confidence.