It’s that time of the year again – tax time! There is no denying that feeling when you see the size of your tax refund (which was about $2,766 on average last year).
To help you get ready for the tax season, we have some good news — TurboTax is officially open and accepting e-filed returns. That means that you can file now and be first in line for your tax refund. Although the IRS has not yet begun accepting e-filed tax returns, TurboTax will securely hold your completed taxes, transmit them to the IRS, and state when they open for e-file.
If you need some extra motivation, here are 5 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 reporting income and tax-deductible expenses in one place so you don’t forget anything come filing time. If you are self-employed, be on the lookout for Form 1099-NEC that now replaces Form 1099-Misc and reports your income. You will need to have your forms and receipts for deductible expenses in front of you when you file. TurboTax asks simple questions specific to you, but having your documents ready to go may save you time and money.
Did you receive the Advanced Child Tax Credit? If so, look out for IRS letter 6419, which will include the amount of Advanced Child Tax Credit you received. You want to have the letter in front of you when you file since you will need to report the amount of Advanced Child Tax Credit you received. Don’t worry about knowing how to report your Advanced Child Tax Credit, TurboTax will guide you through reporting what you received so you get the Child Tax Credit you’re eligible for.
Also, don’t forget to have Form 1444-C reporting the third stimulus you received in front of you when you file, so you can accurately report the amount of stimulus you received.
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. Remember What You Did Last Year
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 like charitable donations and medical expenses when you sit down to file your taxes — these additional expenses may help you get a bigger tax refund.
3. 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 unique tax filing situation. You can also take advantage of new TurboTax product enhancements to help you get your taxes done with confidence.
TurboTax also has personalized guidance guidance to help you navigate through impacts of 2021 like stimulus payments and new tax law provisions like the expanded Child Tax Credit, so you don’t leave any money on the table.
4. TurboTax is Here So You are Never Alone
Don’t worry about knowing these tax rules. TurboTax will ask you simple questions about you and give you the tax deductions and credits you are eligible for based on your entries. If you have questions, you can get help along the way and have your tax return reviewed before you file by a TurboTax Live tax expert, or just fully hand off your taxes to your dedicated TurboTax Live Full Service tax expert. TurboTax Live tax experts are available year round in English and Spanish and you can keep the same dedicated tax expert every year! All from the comfort of your own home.
If you have a *simple tax return with no schedules, you now have three great options to file your taxes for free! You have the choice to do your taxes yourself with TurboTax Free Edition, get help from a tax expert along the way with TurboTax Live Basic Offer, or have a dedicated tax expert do your taxes for you from start to finish with TurboTax Live Full Service Basic Offer– all for $0. No matter how you want to file, you can file a simple tax return for FREE.
Our limited time offer of free TurboTax Live Full Service Basic lasts through March 31, 2022 and free TurboTax Live Basic lasts through March 31, 2022. TurboTax Free Edition is free for the entire season.
*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.
5. Don’t Wait to File
Last year, more than 75% of taxpayers received a tax refund, and the average direct deposit tax refund was more than $2,700, so there is no reason to wait to file your taxes. Additionally, it’s worth noting that 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.