It’s that time of the year again – tax time!
And while you may not get as excited as we at TurboTax do about tax time, there is no denying that feeling when you see the size of your tax refund (which was close to $3K on average last year).
So, if your bank account is in a post-holiday slump, we have some good news — TurboTax is officially open and accepting e-filed returns today. That means that you can file today and be first in line for your tax refund. Although the IRS has not begun accepting e-filed tax returns, TurboTax will securely hold your completed taxes and securely transmit them to the IRS and states 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 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. Remember 2019
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.
4. 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. Our TurboTax Live CPAs and Enrolled Agents have an average of 15 years of experience and are up-to-date on the new tax laws and available to answer your questions throughout your tax preparation process. TurboTax Live CPAs and Enrolled Agents are available year-round in English and Spanish.
5. Don’t Wait to File
Last year, close to 72% of taxpayers received a tax refund and the average direct deposit tax refund was close to $3,000, 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.