E-file is now open: Why you should file your taxes early

Today, January 23, the IRS officially kicked off the opening of the 2017 tax season, and is now accepting e-filed tax returns. However, as we all know, some taxpayers wait until last minute to file their taxes. But if you stop to think about it, why wait? It is no secret that your tax refund can make a big difference in your financial life, and if you receive a tax refund – which the IRS reported about 75% taxpayers did last year – you may want to submit your tax return as quickly as possible. You can even get started now and finish later...even from your tablet or phone.

Still need convincing? Before you resign yourself to procrastinating until April to file, we have five great reasons why you should get a head start on your taxes.

1.Get your tax refund faster: The holiday season can take a toll on our bank accounts, which is why one of the most common reasons to file taxes early is to receive a faster tax refund. Last tax season about three out of four tax filers received a tax refund, and the average refund was close to $2,800! The IRS states that it will issue nine out of 10 tax refunds within 21 days or less with e-file and direct deposit. You could get a jump-start on paying down credit card debt, student loans or save it for a rainy day.

2.You may be eligible to file your taxes for free: Last year, nearly 10 million Americans filed their federal and state taxes for absolutely nothing with TurboTax® Absolute Zero. For the third year in a row, about 60 million Americans who prepare and file straightforward federal and state tax returns (those who file a 1040A or 1040EZ) can take advantage of absolutely free federal and state tax filing with TurboTax. $0 fed. $0 state. $0 to file.

3.Filing online is easy: Using TurboTax online is effortless, accurate, and saves you money. Once you have gathered your tax forms, you can go online and answer simple questions related to you and get your maximum tax refund. TurboTax searches more than 350 tax deductions and credits and makes sure you get everyone you deserve based on your answers. There's no reason to stand in line at a tax store when you can do your taxes in the comfort of your own home and even on the go.

4.DIY doesn't mean you're alone: When you file your taxes with TurboTax you have the convenience of filing your taxes when and where you want, but you can also connect live, via one-way video, to a TurboTax expert and credentialed CPAs or enrolled agents to get personalized, real-time answers to your questions when you need it

5.Extra time to pay taxes you owe: If you owe money to the IRS, you may still have a good reason to file your tax return as soon as you can. If you submit your tax return in the middle of January, you do not have to pay taxes you owe until the filing deadline in mid-April. Preparing your taxes early will give you time to figure out how you're going to pay or other options if you owe.

Have any other questions about filing your taxes early and online? As always, TurboTax is here with answers and helpful tools.

Original article at TurboTax.com

Driving for Lyft? Use This Tax Preparation Checklist

So, you decided to become your own boss (at least part-time) and start driving for a ride-sharing company like Lyft. Use the Lyft tax preparation checklist below to organize your income and deductions to make filing your taxes a breeze. Remember, not all items listed will apply to you, but it will give you a good idea on what you need to report as income and what you can claim as a deduction.

Read More

Brought to you by TurboTax.com

Video: The Alternative Minimum Tax (AMT) Explained

Originally created to make sure the wealthy paid taxes even after using tax breaks and loopholes, the Alternative Minimum Tax (AMT) has never been updated and continues to impact middle class Americans more and more each year as a result of inflation. To compensate for inflation, the AMT now includes an exemption amount. This exemption is indexed for inflation so it changes every year.

Read More

Brought to you by TurboTax.com

Energy Tax Credit: Which Home Improvements Qualify?

Taxpayers who upgrade their homes to make use of renewable energy may be eligible for a tax credit to offset some of the costs. As of the 2018 tax year, the federal government offers the Nonbusiness Energy Property Credit. The credits are good through 2019 and then are reduced each year through the end of 2021. Claim the credits by filing Form 5695 with your tax return.

Read More

Brought to you by TurboTax.com

Top 5 Reasons to File Your Taxes Early

Every April, many taxpayers wait until the last minute to file their federal income tax returns. Despite this tendency, there are many reasons to file your taxes early. If you will receive a refund, you may want to submit your return as quickly as possible. Additionally, there are benefits to filing early for those taxpayers who have a balance due.

Read More

Brought to you by TurboTax.com
Read Full Story
Your resource on tax filing
Tax season is here! Check out the Tax Center on AOL Finance for all the tips and tools you need to maximize your return.