Today, January 23, the Internal Revenue Service (IRS) officially kicked off the opening of the 2023 tax filing season and is now accepting and processing tax year 2022 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 more than 75% of taxpayers did receive one 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 the April 18, 2023 tax deadline, here are five great reasons why you should get a head start on your taxes and electronically file your 2022 tax return ASAP.
1. Get your tax refund sooner: Events that occurred last year and into this year can really take a toll on finances, which is one of the reasons you may want to file your taxes as soon as possible and receive your tax refund sooner. Last tax season, more than three out of four tax filers received a tax refund, and the average direct deposit tax refund was over $3,000! The IRS states that most taxpayers will receive their tax refunds within 21 days or less of acceptance when they file electronically with direct deposit if there are no issues with their tax return. Plus, there are so many tax deductions and credits to help your overall tax picture that you may see a bigger refund than you were expecting.
You could get access to your tax refund up to 5 days early1 when you open and deposit it onto a checking account with Credit Karma MoneyTM2 . If you do choose to use Credit Karma Money™ to get your refund earlier, all the money will be yours to keep because Credit Karma never charge fees.3
2. You may be eligible to file for $0: If you have a simple tax return, you may have THREE great options for filing your taxes for free with TurboTax. You can do your taxes yourself with TurboTax Free Edition, get help from an expert along the way with our TurboTax Live Basic Offer, or just hand it off to a dedicated tax expert to do your taxes for you from start to finish with our TurboTax Live Full Service Basic Offer – all for $0.
TurboTax Free Edition, TurboTax Live Basic, and TurboTax Live Full Service Basic are designed for tax filers with a simple tax situation, filing Form 1040 only. Simple situations covered include W-2 income, limited interest and dividend income, standard deduction, Earned Income Tax Credit, and Child Tax Credit, and Student Loan interest.
3. 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 tax credits and makes sure you get every dollar you deserve based on your answers. There’s no reason to take your taxes somewhere when you can do your taxes or get your taxes done in the comfort of your own home!
4. Work with a TurboTax Expert: Meet with a TurboTax Expert who can prepare, sign and file your taxes, so you can be 100% confident your taxes are done right. Start TurboTax Live Full Service today, in English or Spanish, and get your taxes done and off your mind.
5. Time to pay taxes if 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 early, you do not have to pay taxes you owe until the filing deadline in mid-April. Preparing your taxes early will give you time to figure out how you’re going to pay, or other options if you owe. You can even make a 2022 contribution to your IRA before the tax deadline of April 18, 2023 and reap the benefits of an additional tax deduction on your 2022 taxes reducing what you owe or increasing your tax refund.
1. Get your tax refund up to 5 days early: When it’s time to file, have your tax refund deposited onto a checking account with Credit Karma Money, and you could access your funds up to 5 days early. If you choose to pay your tax preparation fee with TurboTax using your federal tax refund or if you choose to take the Refund Advance loan, you will not be eligible to receive your refund up to 5 days early. 5-day early program may change or discontinue at any time. Up to 5 days early access to your federal tax refund is compared to standard tax refund electronic deposit and is dependent on and subject to IRS submitting refund information to the bank before release date. IRS may not submit refund information early.
2. Banking services provided by MVB Bank, Inc., Member FDIC. Maximum balance and transfer limits apply.
3. No Fees: Third-party fees may apply. Please see Account Terms & Disclosures for more information.
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