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 over $3,000 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 4 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.
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. Get Your Taxes Done
With TurboTax, it’s easy to get your taxes done. No matter what your situation or how you want to file, TurboTax has you covered. With TurboTax you can do your taxes yourself, get help from an expert along the way or hand them off from start to finish to a dedicated tax expert.
4. 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 $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.
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