According to the IRS, there are millions of tax refunds that still need to be issued for this tax season. If you still haven’t filed, it’s time to hop to it. Here’s how:
Get your tax documents in one place
Gather your W-2s and 1099s! And don’t forget receipts and forms that report expenses worth valuable deductions and credits like receipts and forms showing childcare expenses, charitable donations, energy efficient updates to your home, or student loan interest.
Double-check important information
Don’t rush when entering information like social security numbers. One of the top mistakes taxpayers make is entering incorrect Social Security numbers for their children and spouses, and even misspelling their name! Dependents are worth valuable deductions and credits but you have to have the correct social security number to claim them. If you experience a change in your family size like the birth of a new child or adoption – double check that you have important information like social security cards and numbers.
E-file Your Taxes Online
TurboTax makes it easy to e-file your taxes online in the comfort of your own home. With the TurboTax Mobile App (available in the Apple App Store or Google Play) you can easily jump start filing by snapping a photo of your W-2, 1099-NEC or 1099-K if you are self-employed, or importing your W-2 or 1099 information directly from your payroll provider and financial institution. Your information then transfers to the correct forms eliminating data entry and allowing you to move seamlessly across devices, so you can do your taxes anytime, anywhere.
Choose direct deposit
E-file with direct deposit is the fastest way to get your tax refund. If you e-file with direct deposit, the IRS still expects to issue nine out of 10 tax refunds within 21 days or less of acceptance. Paper-filed returns usually take six to eight weeks from acceptance, but they are taking longer right now.
Get a last-minute tax deduction
Get a deduction on your taxes and also save for the future. Contribute up to $6,500 ($7,500 if you’re over 50) to your traditional individual retirement account (IRA) and take advantage of a 2023 deduction for your contribution. IRA contributions for 2023 can be made up until the tax deadline on April 15, 2024 and will make an impact on your taxes. Make sure you tell the administrator that your contribution is for 2023.
File even if you owe
Although filing an extension can get you until October 15 to file your 2023 taxes; an extension to file is not an extension to pay. The IRS may charge penalties and interest for payments after the April 15 deadline. If you can’t pay, don’t worry. You can apply for a payment plan agreement. You may be eligible for an installment payment plan for up to six years.
No matter what moves you made last year, TurboTax will make them count on your taxes. Whether you want to do your taxes yourself or have a TurboTax expert file for you, we’ll make sure you get every dollar you deserve and your biggest possible refund – guaranteed.
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