You may have heard the news that the IRS is opening the 2017 tax filing season on January 23, 2017, but there’s no need to wait until then to file your 2016 taxes. We have exciting news! TurboTax is accepting tax returns today so that you can be one of the first in line for your maximum tax refund.
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. TurboTax asks simple questions specific to you, but having your documents ready to go will save you time. Keep a folder next to where your mail comes in. 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
According to the IRS , self-prepared tax preparation was up over 5% last tax season. 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 related to you. You can also take advantage of TurboTax new product enhancements to help you get your taxes done with confidence.
3. Don’t Overpay to Get Your Taxes Done
About 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. TurboTax also does not charge to file forms to comply with the health care law and the Earned Income Tax Credit like other tax companies.
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.
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. The IRS opens for e-file January 23. 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 on January 23 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 more than 1.3 million employers and financial institutions, eliminating data entry and increasing accuracy for effortless tax preparation.
7. Remember 2016
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 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 $6,269 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 $2.800, so there is no reason to wait to file your taxes.
10. TurboTax is Here So You are Never Alone
Even though TurboTax makes tax prep easy, you may have a tax question. Don’t worry. TurboTax has personalized expert help so you are never left alone.
TurboTax is up to date with the latest tax laws, including the health care law and you can easily and accurately file your taxes with TurboTax today.