According to the IRS, there are millions of tax refunds that still need to be issued for this tax season. If you still haven’t filed, , it’s time to hop to it. Here’s how:
- Get started: Gather 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 is entering 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, 1099-NEC if you are self-employed, 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: 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 2021 deduction for your contribution. Just make sure you tell the administrator that your contribution is for 2021 otherwise they may assume that your contribution is for 2022. IRA contributions can be made up until the extended tax deadline on April 18 and will make an impact on the taxes you are filing.
- File even if you owe: Although filing an extension can get you until October 17 to file your 2021 taxes; an extension to file is not an extension to pay. The IRS may charge penalties and interest for payments after the April 18 deadline. 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.
TurboTAx Live experts are here to help you. You can come to TurboTax and fully hand your taxes over to a TurboTax Live tax expert available in English and Spanish and get your taxes done from start to finish. All from the comfort of your home.