TurboTax experts share their favorite tax tips for tax day
Time flies when you’re having fun, right? Well, that’s how we feel about The April 15th tax deadline is upon us, and even if taxes aren’t your definition of fun, check out some favorite tax tips straight from our very own TurboTax experts. Follow these and you’ll be filed and fabulous in no time.
- Make Things Easy: To get you started on your tax return, Lisa Greene-Lewis, a CPA and Tax Expert at TurboTax, says that the best thing is to "gather your documents, like your W-2s and 1099s, all in one place when you sit down to file so you’re not running around at the last minute." For all of the simple filers out there, Andrew Little, TurboTax Mobile Product Manager, recommends to "use our mobile app! It’s super quick, easy and just as accurate as our web product."
- Boost Your Refund: Lisa also wants you to remember that "you still have time to contribute to your IRA by the tax deadline, and lower your taxes. You can contribute up to $5,500 ($6,500 if 50 and over) and get a tax deduction on your taxes. By doing this you also may be eligible for the Saver’s Credit for up to $1,000 ($2,000 married filing jointly). Just remember to tell your plan administrator that your contribution should be applied to your 2018 contributions."
- Be Savvy about Self-Employment Expenses: Dirk Reschly, CPA and Senior Tax Content Analyst, suggests to "claim some portion of the cost of your prior year income tax preparation fees against your self-employment income (Schedule C form)." Whether you used TurboTax last year or not, "you may allocate some portion of this expense against your self-employment income."
TurboTax will help you all the way until you click file! TurboTax asks you simple questions and gives you the tax deductions and credits you’re eligible for based on your answers, even down to the last minute. You can file up until 11:59PM every tax day. Don’t wait, get started now.
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