You’ve probably already heard the news that the IRS is opening the 2014 tax filing season on January 31, 2014, but there’s no need to wait until then to file your 2013 taxes. Exciting news! TurboTax is accepting tax returns today so that you can be the first in line for your maximum tax refund.
Here are 5 quick tips to help you get a jump-start on your tax refund:
1. Prepare and Organize
- Take time to gather your necessary paperwork, forms, receipts, and checklist for your 2013 taxes. TurboTax asks simple questions about you, but having your documents ready to go will save you time.
- Keep an empty folder next to where you keep your mail. When your W-2s and 1099s start to roll in you can keep them all together in one folder.
2. Remember What You Did in 2013
- Our lives are busy, but don’t forget that your 2013 expenses related to your job search, day camp for the kids, charitable donations, and
medical expenses to name a few, may help you get a bigger tax refund. Make sure you have those receipts in hand when you go online to prepare your taxes.
3. Take Advantage of One More Available Tax Deduction
- Even though it’s already 2014 there is still time to contribute to your IRA, putting more money in your nest egg and increasing your tax refund. You have up until the day you file your taxes to make a contribution for 2013 and lower your taxes.
4. Double Check Social Security Numbers
- Make sure you have your correct social security numbers before sitting down to file your taxes. Incorrect social security numbers for you, your spouse, and dependents will cause you to miss out on valuable tax deductions and credits.
5. Don’t wait to file.
- Last year about 75% of taxpayers received a tax refund and the average tax refund was close to $3,000, so there is no reason to wait!