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.