TurboTax: Why you should file your taxes early
UPDATE: The Treasury recently announced tax changes and updates in response to COVID-19, including an extension of the first installment of tax year 2020 quarterly estimated taxes to July 15, 2020. Some information in this post requires additional IRS guidance and may require updating. We will update as soon as we receive additional guidance. Please see the latest information on tax deadlines and updates related to COVID-19 here.
The IRS officially kicked off the opening of the 2020 tax season and is now accepting e-filed tax returns. As we all know, some taxpayers wait until the 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 close to 72% taxpayers did last year – you may want to submit your tax return as quickly as possible. TurboTax is open now so you can e-file your taxes and get one step closer to your tax refund.
Still need convincing to file now? Before you resign yourself to procrastinating until July to file, here are five great reasons why you should get a head start on your taxes.
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 close to three out of four tax filers received a tax refund, and the average direct deposit tax refund was close to $3,000! 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.
You may be eligible to file your taxes for free: TurboTax has helped millions of Americans file their federal and state taxes for free with TurboTax Free Edition. For the sixth year in a row, millions of Americans with a simple tax return can file their federal and state tax returns for free, guaranteed with TurboTax. $0 fed. $0 state. $0 to file.
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 for more than 350 tax deductions and credits and makes sure you get every one 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.
Get advice from tax experts from your couch: When you file your taxes with TurboTax Live, you can connect live, via one-way video, to a TurboTax Live CPA or Enrolled Agent with an average of 15 years experience to get personalized tax advice, on-demand, from the comfort of your home. TurboTax Live CPAs and Enrolled Agents can even review, sign, and file your tax return and they are available in Spanish and English.
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-July. Preparing your taxes early will give you time to figure out how you’re going to pay, or other options if you owe. You may even be able to contribute to your IRA before the tax deadline and reap the benefits of an additional tax deduction on your 2019 taxes.
TurboTax is up to date on the latest tax laws and has you covered. TurboTax will ask you simple questions about you and give you the tax deductions and credits you’re eligible for based on your entries. If you have questions, you can connect live via one-way video to a TurboTax Live CPA or Enrolled Agent with an average 15-years experience to get your tax questions answered. TurboTax Live CPAs and Enrolled Agents are available in English and Spanish, year-round and can also review, sign, and file your tax return.
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