Whether you’re an experienced tax filer, or brand new to the world of do-it-yourself taxes, don’t wait to file your taxes for last year. Tax season is now, and there is nothing worse than waiting until the last minute to pay Uncle Sam his money due. It’s simply a headache not worth the risk.
What’s more, you could be ignoring money that Uncle Sam owes you in the form of a refund and the longer you wait, means the less time you have to find that money you are owed. That’s why we recommend filing early, to maximize your advantage in getting your refund quickly.
What you need to know for a fast accurate tax return:
- E-Filing your taxes and choosing direct deposit saves you time and reduces risk
If you want your tax return fast, and not the worry of the post office losing your tax return, e-filing with direct deposit is the best and easiest solution when filing your taxes. Nearly 90 percent of all tax filings that are done through E-File and Direct Deposit receive refunds within a twenty-one-day period. Using the post office takes much longer, and can lead to costly delays.
However, if for any reason you don’t choose the Direct Deposit option to receive your return, always remember that you can receive it in the form of a traditional check, or even a prepaid Visa card.
- You can file your taxes for free
TurboTax currently offers tax payers like you a free way to file through a program known as Absolute Zero. This program asks you simple questions to help you get the right information filed and offers you a huge library of resources. If you have a taxable income of less than $100,000 with a standard deduction, you should be eligible to file using a 1040EZ or 1040A form, and Absolute Zero does the rest.
- New tax forms to file this year
As a result of the Affordable Care Act, many Americans will be receiving healthcare forms to state on their taxes. These forms, either 1095-A, 1095-B, or 1095-C are a part of the new tax code designating whether or not you have your insurance through your employer, Medicaid or Medicare, or directly from an insurance carrier. People who receive the 1095-A form will need to report it when they file their taxes, however, those who receive either 1095-B or 1095-C will not – you will be required to keep them for your records, however.
- More time means less work and less worry
Getting your taxes done early, means knowing whether or not you owe the IRS money and having more time to pay them – especially if you need to save for it. Don’t wait until April to find out. Before you know it tax time will roll around again and w2 forms will be on their way via the internet or in your mailbox.