Community News & Announcements

Thank you so much to everyone who participated! We appreciate you sharing your experiences with our community. A winner will be randomly selected and contacted to claim their prize.   Welcome to our new and returning community members!    We’re very excited to share another sweepstakes and chance to win a $100 gift card with you. This month, we’re discussing Tax Due, Penalties, and Refunds.    Tax Day is less than 2 weeks away!  And you may have just let out a big sigh of relief knowing you’ve got your filing out of the way OR,  if you’re anything like me, you’ve been avoiding this moment until now because you’ve worked multiple jobs, have a pile of 1099’s that waited for and a year’s worth of bank statements to comb through so you can make the most of your deductions.  You may be unsure whether you’ll owe or not and the anticipation of filing may seem to be more anxiety inducing than anything.  It’s okay!  Breathe. We’re here to help.  And fretting about the future oftentimes can be the major thing that prevents us from starting!  Much to our shock, most of the time things work out.  Not only that, but sometimes they turn out even better than we’ve anticipated.  We want to hear about a time where you really worried about a thing where you actually ended up being pleasantly surprised by the results.  Submit your response to be entered into our monthly drawing for a $100 gift card and who knows? Maybe we’ll be surprising you!   A winner will be randomly selected from this thread on April 23rd, 2025.  Plus! If you have any last minute questions about Tax Due, Penalties, and Refunds, please check out this blog post and join us for a LIVE Q&A on  Wednesday, April 9th, 2025 any time between 9:00am and 5:00pm Pacific Time to ask Tax and Financial Experts  your questions and get advice about taxes and personal finance, for free! Learn more and RSVP here.                                                                                                                                                                                                                                                                                                                                +++++++++   We will be hosting the Tax Due, Penalties, and Refunds sweepstakes to give you, and others, the opportunity to share your experiences. One lucky winner will be chosen randomly to receive a $100 gift card.   WHAT: Sweepstakes for a $100 gift card WHEN: Entries will be accepted from April 9th, 2025  through April 23rd, 2025 at 5:00 pm Pacific Time HOW: Enter by adding a comment to this post  a time where you thought things were going one way and you ended up being pleasantly surprised by the outcome. If you are the winner, we will send you a private message to your community profile. The winner will be selected at random on April 23rd, 2025.  

It’s hard to believe, but some people just don’t find joy in tax preparation. And if a mistake is caught or there are missing documents, that makes for an even less joyful task! If that’s you, you’re probably also wondering if you really even need to amend. Can you just skip it? The truth is not all changes require filing a tax amendment (Form 1040-X).  It’s a happy surprise to many that if there’s a change that doesn’t affect your tax bottom line, you really don’t need to prepare and file that amended tax return. As a matter of fact, the IRS prefers you don’t (in most cases). Whew! You also don’t need to amend if you received an IRS or state taxing authority “love letter” telling you they adjusted your tax return. Instead, follow the instructions on the letter. Of course, always verify the letter is authentic and any corrections they made are accurate to your situation. Here are few other reasons you don’t need to file an actual tax amendment - but still need to take some action to resolve a possible incorrect tax filing: You made a mistake on your tax return but didn’t file yet. Don’t panic. First confirm that you haven’t filed yet. If not, you can go back into the TurboTax software, make the corrections, then e-file as usual. Simple fix! If you filed, but your tax filing was Rejected, you can also just go back into your tax return, make the fix, and e-file again. There’s no tax amendment needed in this situation because the IRS never Accepted your tax return for processing. Makes total sense, right? Another reason why you wouldn’t amend is if the incorrect bank info is on the tax return. Instead follow the instructions on what to do if you entered the wrong bank account. Now that we have the reasons to not file an amended tax return out of the way, it’s time to share when filing an amended return is required, or at least highly recommended, to either mitigate potential tax penalties or increase your refund. For example: You forgot to include income or received a corrected tax form (W-2, 1099, etc.) that affects your tax outcome. You filed using the wrong filing status (Head of Household, Single, Married Filing Jointly, Married Filing Separately, Qualified Surviving Spouse). You claimed dependents, deductions, or credits that you shouldn’t have. You forgot to claim dependents, deductions, or credits that you should have. (This one is usually a bit more joyful than adding income.) If you expect a larger refund, keep in mind you only have three years from the date you filed your return or two years after you paid the tax due (whichever is later) to file an amendment to get those additional funds in your bank account.   PRO TIP: Always make sure your tax return has been fully processed by the IRS before amending. If you’re at the point where you know it must be done, here’s How to File an Amended Tax Return with the IRS. And remember to amend your state tax return too, if needed. As always, TurboTax will help you every step of the way! How do I…How do I amend my federal tax return for this year?How do I amend my state tax return?How do I amend my federal tax return for a prior year?How do I cancel or undo an amended return in TurboTax Desktop?

Thank you so much to everyone who participated! We appreciate you sharing your experiences with our community. A winner will be randomly selected and contacted to claim their prize.   To all our new and returning community members - Welcome!   We couldn’t be happier that you are joining us this month, and we are excited to offer another sweepstakes opportunity to win a $100 gift card. The topic for this month’s session is Tax Law Changes & Forms (2024).   With the introduction of new Tax Law Changes & Forms for 2024, it's crucial to stay updated on how these could impact your filing process. Whether it’s changes in tax brackets, deductions, or new forms related to specific types of income or credits, understanding these changes is key to maximizing your returns.   Tell us about a time you encountered a new tax form or a change in the tax law that caught you off guard. Alternatively, if you’ve always managed to stay ahead of the curve, share your secret to being well-prepared each tax season. Post a Comment to be able to win a $100 gift card, a winner will be randomly selected from this thread on March 26th, 2025.     No matter your situation, the TurboTax Live Community is here to help! Join us for this LIVE Q&A on Wednesday, March 19th any time between 9:00am and 5:00pm Pacific Time. We can’t wait for you to ask Tax and Financial Experts your questions and get advice about taxes and personal finance, for free!   Don’t be shy, bring any questions, our community is ready to answer things like: Why did I get a 1099-K, and what do I do with it? Do those expiring tax laws I heard about affect my 2024 tax returns? Is it better to itemize or take the Standard Deduction this year? Can I still contribute to my IRA before April 15th? Do I get any Electric Vehicle (EV) Credit if the dealer took it?   Learn more and RSVP here.           Remember that replying to this post by telling us about your experiences with tax forms will enter you in a chance to win a $100 gift card. A winner will be randomly selected from this thread on March 26th, 2025. WHAT: Sweepstakes for a $100 gift card WHEN: Entries will be accepted from March 19th, 2025  through March 26th, 2025 at 5:00 pm Pacific Time HOW: Enter by adding a comment to this post sharing with us about a time you were surprised to receive a tax form that you didn’t know applied to you. If you are the winner, we will send you a private message. The winner will be selected at random on March 26th, 2025.

There’s an entire world of tax reporting forms beyond the most famous of all tax forms, the W-2 Wage and Tax Statement. All of them serve a purpose - and most are to let the IRS know what they should expect to see on your tax returns. Some increase your taxable income, while others can help you get incredible tax deductions!  It’s not practical to list all of the forms the IRS has created, but let’s see if we can sort through some of the most popular ones and include links with more information to help you understand them better. INVESTMENT AND BANKING FORMS 1098, Mortgage Interest Statement 1099-B, Proceeds From Broker and Barter Exchange Transactions 1099-DA, Digital Asset Proceeds from Broker Transactions (coming for Tax Year 2025) 1099-DIV, Dividends and Distributions 1099-INT, Interest Income 1099-OID, Original Issue Discount 1099-S, Proceeds from Real Estate Transactions 1099-PATR, Taxable Distributions Received From Cooperatives SELF-EMPLOYMENT OR MISCELLANEOUS “OTHER” INCOME FORMS 1099-MISC, Miscellaneous Income 1099-NEC, Nonemployee Compensation 1099-K, Merchant Card and Third Party Network Payments 1099-G, Certain Government Payments (includes unemployment and state tax refunds) Schedule K-1 (Form 1065), Partner’s Share of Income, Deductions, Credits, etc. Schedule K-1 (Form 1120-S), Shareholder’s Share of Current Year Income, Deductions, Credits, and Other Items RETIREMENT FORMSWhat we commonly know as the “retirement” tax forms can be received even before retirement. They included distributions from such things as pensions, annuities, 401(k) plans, IRAs, and of course Social Security. 1099-R, Distributions From Pensions, Annuities, Retirement or Profit-Sharing Plans, IRAs, Insurance Contracts, etc. RRB-1099-R, Annuities or Pensions by the Railroad Retirement Board SSA-1099, Social Security Benefit Statement HEALTH AND LIFE INSURANCEThe health insurance forms are confusing to many people. If you received a Form 1095-A from the Health Insurance Marketplace, that must be reported on your tax return. If you only received health insurance forms from an insurer outside of the Health Insurance Marketplace (1095-B or 1095-C), those generally don’t need to be reported on your federal return. Keep in mind, some states still require reporting of health insurance regardless of the source.  1095-A, Health Insurance Marketplace Statement 1095-B, Health Coverage (insurers outside of the Marketplace) 1095-C, Employer-Provided Health Insurance and Coverage 1099-LS, Reportable Life Insurance Sale (typically not taxed/reportable as a return of premium) 1099-LTC, Long-Term Care and Accelerated Death Benefits 1099-SA, Distributions From an HSA, Archer MSA, or Medicare Advantage MSA EDUCATION TAX FORMS 1098-E, Student Loan Interest Statement 1098-T, Tuition Statement 1099-Q, Payments From Qualified Education Programs (Under Sections 529 and 530) 1099-QA, Distributions from ABLE Accounts Of course we need a few common miscellaneous forms to wrap it up! 1098-C, Contributions of Motor Vehicles, Boats, and Airplanes 1099-A, Acquisition or Abandonment of Secured Property 1099-C, Cancellation of Debt The forms above are all federal (IRS) forms. Be aware that many financial institutions no longer mail physical copies of that reporting form. The best practice is to track anything you do that relates to income or expenses and find out if you have tax forms waiting for you in an online portal. Many state taxing authorities also no longer send physical copies. A suggestion is to go to your state’s tax website and create an online account to make sure you’re not missing a valuable document. TurboTax is here with expert advice the way you want it. Our vast and profusely searched TurboTax Community is the place to go if you prefer written responses to your tax questions. In addition to credentialed Tax Experts like EAs and CPAs, you’ll also see our Champions (incredibly knowledgeable tax expert volunteers) ready to help!  And our TurboTax Live Tax Experts are available for phone and video calls. With our Live Assisted service, you can still prepare your own taxes; however, credentialed tax experts are available to not only answer your unique and complex tax questions, but also provide you with a final review. And if you want to just hand it all off to an expert, then Live Full Service is what you need. 

"Money, pardon the expression, is like manure. It's not worth a thing unless it's spread around, encouraging young things to grow,” according to Barbara Streisand’s character, Mrs. Dolly Levi, in the 1969 musical, Hello, Dolly! Life’s recurring theme of attracting and giving love and money is something that we’re all familiar with.  The reality being that we often find insecurities in these areas that really need care and nourishment.  In the film, Dolly, a widowed matchmaker, has the ability to magically spread both money and love around, from Yonkers to New York City using her charm, wit, and connection to people, having no money at all! Consider this and let us know:  If money wasn’t an issue, how would you use it to help others in your community and encourage growth?  How do YOU wish you could spread this kind of wealth around in a world where it is so very needed? Feel free to chime in below!

Thank you so much to everyone who participated! We appreciate you sharing your experiences with our community. A winner will be randomly selected and contacted to claim their prize.   To all our new and returning community members - Welcome!   We couldn’t be happier that you are joining us this month, and we are excited to offer another sweepstakes opportunity to win a $100 gift card. The topic for this month’s session is Deciphering Your Tax Forms.   Depending on your form ( 😉 ) of employment, insurance coverage, or things like loan forgiveness, you might receive one or more Tax Forms that are important to understand. Maybe this is the first time you are dealing with one of these forms, or maybe you just need a refresher to make the most of your filing.    To be able to win the $100 gift card, comment on this post telling us about a time you were surprised to receive a tax form that you didn’t know applied to you. (Or, if that’s never happened to you, let us know how you stay so well prepared for forms ahead of tax season 😀) A winner will be randomly selected from this thread on February 19th, 2025.     No matter your situation, the TurboTax Live Community is here to help! Join us for this LIVE Q&A on Wednesday, February 19th any time between 9:00am and 5:00pm Pacific Time. We can’t wait for you to ask Tax and Financial Experts your questions and get advice about taxes and personal finance, for free! Don’t be shy - bring any questions, our community is ready to answer things like: What’s the difference between 1099-NEC & 1099-MISC? Help! I got a new type of 1099 form this year - what do I do with it? Do I have to report my Form 1098 on my taxes? I’m confused, why did I receive both a 1095-A and 1095-C? Why did I receive a 1099-C? I didn’t have any loans forgiven.   Learn more and RSVP here.           Remember that replying to this post by telling us about your experiences with tax forms will enter you in a chance to win a $100 gift card. A winner will be randomly selected from this thread on February 19th, 2025. WHAT: Sweepstakes for a $100 gift card WHEN: Entries will be accepted from February 12th, 2025  through February 19th, 2025 at 5:00 pm Pacific Time HOW: Enter by adding a comment to this post sharing with us about a time you were surprised to receive a tax form that you didn’t know applied to you. If you are the winner, we will send you a private message. The winner will be selected at random on February 19th, 2025.

Claiming dependents are definite tax return perks as they can provide huge tax breaks! So it would be quite a surprise if your tax return is rejected simply due to claiming your precious kiddo - especially if you’re the one entitled to claim them. Even if you did everything right, it could happen to you. If your tax return is rejected due to someone else using your dependent’s Social Security number, it might be as simple as a typo in a Social Security number (either by you or the other person). Or maybe the other parent thought it was their year to claim your child and they filed first. Sometimes your dependent files their own tax return as an independent - and, of course, they didn’t run it by you first. You typically learn of the e-file rejection via an email with a reject code of IND-507-01. The 01 at the end means it’s the first dependent listed on your tax return. If you had a second dependent whose Social Security number was the reason for the reject, the code would be IND-507-02. You get the idea… The good news is that the IRS has a potential solution if your return is rejected due to duplicate (already claimed) dependents on your tax return. And it can accelerate the processing of your tax refund as well. In the past, you would have to paper file your tax return and it could take many weeks or months to get it straightened out. Now, the IRS will accept an e-filed tax return even if your dependent’s Social Security number was on a previously filed tax return. What a time-saver! The one caveat, in order to avoid the e-file rejection, you have to include a valid IP Pin (Identity Protection Pin) for the primary taxpayer (likely you) on the tax return that was filed second. It’s simple to get one and you can do it online! Whatever the reason for your reject, you’ll want to learn how to fix the e-file Reject IND-507-01 in the TurboTax software so your tax filing will continue without a hitch! BONUS: If you’re unsure as to who can claim a dependent, check out the Dependents: Children, Relatives & Others guidepost so you can maximize your dependent deductions.

Thank you so much to everyone who participated! We appreciate you sharing your experiences with our community. A winner will be randomly selected and contacted to claim their prize.     A friendly welcome to our new and returning community members!    We’re excited to share another sweepstakes and another chance to win a $100 gift card with you. This month, we’re discussing Family Tax Credits and Early Filers.    Stepping into the New Year, for many, tends to bring the energy of a fresh start. Whether it’s after a ton of holiday excitement spent with loved ones, or after a long winter’s nap (and probably way more sweets than we want to admit) the motivation tends to be high to get things accomplished and to also make some serious changes moving into the future.     In 2024 eating better, improving physical health, and being happy are at the top of Americans’ lists, with the number one resolution for the New Year being to save more money!   (Hint: you can do this by filing early and maximizing family tax credits).  And while re-evaluating our relationship to finances is certainly something we could all work on, we’re asking our community members to share with us what motivates you!  What gets you out of bed in the morning?  Think about the little things; a great cup of coffee, a kind smile  from the bus driver,  or  getting to do something you love.  Replying to this post with that personal thing that motivates you enters you in a chance to win a $100 gift card.   A winner will be randomly selected from this thread on January 29, 2025.        If you have questions about Family Tax Credits and Early Filing, please check out this blog post and join us for a LIVE Q&A on  Wednesday, January 29th, 2025 any time between 9:00am and 5:00pm Pacific Time to ask Tax and Financial Experts  your questions and get advice about taxes and personal finance, for free! Learn more and RSVP here.                                                                                                                                                                                                                                                                                                                                +++++++++   We will be hosting the Family Tax Credits and Early Filers sweepstakes to give you, and others, the opportunity to share your experiences. One lucky winner will be chosen randomly to receive a $100 gift card.   WHAT: Sweepstakes for a $100 gift card WHEN: Entries will be accepted from January 22nd, 2025  through January 29th, 2025 at 5:00 pm Pacific Time HOW: Enter by adding a comment to this post sharing what motivates you. If you are the winner, we will send you a private message. The winner will be selected at random on January 29th, 2025.

Getting your taxes filed early has its benefits! It’s amazing how accomplishing certain things can uplift your spirit and set the mood for the day, week, or in this case…the year! To me, there’s rarely a better feeling than getting that one (possibly daunting) task accomplished - box checked - and done. It’s even better if you get money in your pocket as a result of taking action! That leads us to the most obvious and enticing perk to filing early - getting your tax refund earlier! Even if you owe more taxes, it’s great to know sooner rather than later, so you can budget and pay on time. Did you know that early filing is also a deterrent from tax-related identity theft? If a scammer files with your social security number before you do, that would create a mess and refund delay. Sadly, it’s you who would bear the burden to prove it’s fraud. But if you file first, the would-be fraudster’s tax return would be rejected.  And there are other perks that might even make or break a life-changing deal. Let’s say you’re planning to apply for education tuition assistance or planning to buy a new home and the lender requires your tax returns. How nice will it be to have that “taxes filed” box checked?! Ahhh…peace of mind is priceless.  Maybe it’s your first time filing your taxes and you’re just a tad nervous about doing it correctly - so you procrastinate. Time flies and suddenly you’re rushed (and stressed) by the deadline. Ughh..don’t let that happen. No worries at all because TurboTax walks you through from start to refund every step of the way! In addition to that, there are great articles such as this one called “Help! It’s My First Time Filing Taxes” that will give you the confidence to fearlessly jump right into it. That article has a few perks of its own including the basics like tax terminology, which docs to gather, links to calculators, a checklist and more! Filing tax returns early isn’t for everyone and certain situations may even require filing an amended tax return later. Here’s a short list of situations where it’s better to wait: you haven’t received all of your official tax forms yet (W-2s, 1099s,K-1s).  the IRS still hasn’t finalized a form you need for your tax situation.  you heard about a last minute tax law change that might affect your taxes. you’re a little too anxious to check that “taxes done” box and may miss important tax deductions or credits. To help prevent that, check out some tax deductions worth looking into. Ultimately, the decision is yours. There are perks to filing your taxes early - but be aware that if you’re missing documents you may need to file an amended tax return later. TurboTax has the help you need, when you need it! Never guess at answers when it comes to tax decisions. Instead ALWAYS ask a tax pro! Your tax situation is unique - it’s not the same as your friend who works at the same place or your neighbor who earns the same amount of money. The goal is always to pay less to the IRS and avoid receiving any IRS correction letters. You’ve got this! Of course, there are Tax Experts ready to help. The article Tax Questions: Who's Your Expert will easily guide you to the expert help you need and by the method you want to receive it.   First-time filers: these bonus links are for you! How to File Taxes Online A great overview with detailed info too! First Time Taxpayers: Your Go-to Guide For Filing Your Taxes - loaded with links!

Are you a business owner who is struggling with working from home versus paying for an external work space? Whether the decision is by preference or necessity, either choice could be a great tax write off! Just know that the home office deduction option comes with more “rules” than paying rent on an external office/work space and we’ll dig into that as you read further. And it should be noted that W-2 employees, typically, no longer qualify for a home office deduction.  Is working your business from home a luxury? Maybe luxury isn’t the right word, but there are perks! We’ve asked some work-from-home pros to learn what it’s really like. For some, it’s the best of all worlds because there is no commute and you’re there for emergencies of family members. Other perks might include the extra comfy clothes you can wear. Holly is a fan of the “business on the top, pjs on the bottom” option because she spends a lot of time in Zoom meetings. And Barb says there’s “easy access to the kitchen, which is both a pro and con”. On the flip side, pet owners who are trying to focus, can be easily distracted. Take it from Isabella who warns that “Sometimes your cat turns your router off, so be sure to check that if you lose your connection.” Meanwhile, Rachel has a different feline frustration as she spends a lot of time in her team’s chat app. She claims it’s not her, but rather her “cat walking across the keyboard and sending messages in Slack". Hmmm…that’s one clever cat! Another source of truth to working from home comes from Lena who says “During breaks, you get to empty the dishwasher or fold laundry and fit in some other chores you normally wouldn’t get to do.”  Yes, she really did say “get to” do those chores! It’s unclear which is best and it depends on the person. Some studies show evidence that certain people are actually more productive and focused at home. And others really need that separate work space to prevent the everyday distractions of family and household tasks. From a tax perspective, an external office space for business is a clear write-off and easily proven. A home office has those darn “rules” that were mentioned above, and sometimes audited.  If having a home office is right for you, know that the IRS suspects you actually live in your home, and don’t just work there. Yes, it’s strange but true! That means there’s a fuzzy area of if your deduction is for a legit “exclusive use” business work space - and you don’t also use the same space for personal or family purposes. That’s why it makes sense to take a peek at Setting Up a Home Office for simple steps to set yours up properly.  It’s not just the “exclusive use” that the IRS considers, there also must be “regular use” and it must be the “principal location” of your business or the place where you regularly meet clients or customers. Of course there are exceptions in the case of storing inventory or if you operate a daycare in your home. You can read more about those in this all-inclusive article titled Can I Take The Home Office Deduction? Finally, there are two ways you can deduct your home office - the Simplified Method or the Actual Expense Method. The simplified method truly is simple. It’s $5/sq. ft. of home office space for a maximum 300 sq. ft. The actual expense method involves gathering your receipts for utilities, mortgage interest, property taxes, security system, repairs, and more. And you also claim depreciation for the home office portion of your home. While the actual expense method is a bit more involved, the tax reduction payoff might be worth it! The links above go into the details of both so it’s easier for you to choose. Rest assured that the TurboTax software will walk you through the best home office deductions for your situation. BONUS: IRS Publication 587 Business Use of Your Home If you like to read, this IRS publication has it ALL!  NOTE: A special thank you to ALL of the TurboTax Community Tax Expert Leads & Managers for sharing their real life experiences to entertain and educate us all.  

Thank you so much to everyone who participated! We appreciate you sharing your experiences with our community. A winner will be randomly selected and contacted to claim their prize.   ++++++++++++++++++++++++++++++++++++++++++++++++++++++++++   A friendly welcome to our new and returning community members!  We’re excited to share another sweepstakes and another chance to win a $100 gift card with you. This month, we’re discussing life events.   Life's journey doesn't always involve confetti and balloons. Sometimes, it's about making tough decisions. While some of those decisions can be emotionally challenging, the TurboTax Live Community can help you understand the tax consequences of most life events. Whether that’s saying “I do” to a whole new set of tax rules or dividing assets and spousal support. We'll be your tax guru, guiding you through the legal and financial implications so you can navigate all transitions with clarity. Think of taxes as that friend who shows up at every significant milestone, ready to celebrate—or commiserate—with you. When you welcome a little bundle of joy into your life, you'll not only be filled with love but also with questions about child tax credits and deductions. We'll break down the complexities of taxes so you can focus on making memories with your growing family. Navigating life events doesn’t have to be daunting, we’re there to help it be more manageable.  That’s why this month we're asking, what new life events are coming up for you that could change your tax implications? Anyone who shares their experience below will be entered into a sweepstakes for a $100 gift card. A winner will be randomly selected on November 1, 2024.  Whether you’re just starting out in your career or nearing retirement, join our Ask the Experts event on Wednesday, October 30th any time between 9:00am and 5:00pm Pacific Time to ask Tax and Financial Experts your questions, gain valuable insights, and get practical advice, for free! Learn more and RSVP here.                                                             +++++++++ We will be hosting the Life Events sweepstakes to give you, and others, the opportunity to share your experiences. One lucky winner will be chosen randomly to receive a $100 gift card. WHAT: Sweepstakes for a $100 gift card WHEN: Entries will be accepted from October 25, 2024  through November 1, 2024  at 5:00 pm Pacific Time HOW: Enter by adding a comment to this post sharing your new life events that could change your financial implications. If you are the winner, we will send you a private message. The winner will be selected at random on Nov 1, 2024

TurboTax is going to Beat Your Price. We’re so confident that you’ll fall in love with our Full Service Experts that we’re going to Beat the Price you paid your tax pro last tax season! Here’s how it works - when you switch to TurboTax Full Service and have your 2024 taxes prepared by one of our Full Service experts, we’ll beat the price you paid for your 2023 tax preparation (from a CPA or other licensed tax professional) by at least 10% if you lock in this offer by 3/18 and file by 3/25. It’s easy peasy to make the switch! To receive this offer, get started and select "prefer to hand off to an expert" when prompted. We'll guide you to determine your eligibility and lock in your offer after you start your taxes using TurboTax Full Service. Discount will be applied at checkout. Just between you and me - it doesn’t even matter how complex your 2024 tax return will be or even if you have multiple states! Who does that?! TurboTax does! Of course your TurboTax Full Service Expert will be matched to your unique tax needs and will handle your taxes for you, from start to finish. Your taxes will be backed by our Full Service Guarantee and prepared with 100% accuracy - guaranteed. It doesn’t get better than that! TurboTax wants you to make the switch and get this offer, but it’s only available for a limited time. You’ll need to lock in this offer by 3/18 and file by 3/25.  Saving money combined with expert tax preparation - that’s an offer you don’t want to miss! As with any awesome offer, like this one, there are Terms and Conditions. 

Thank you so much to everyone who participated! We appreciate you sharing your experiences with our community. A winner will be randomly selected and contacted to claim their prize.   ++++++++++++++++++++++++++++++++++++++++++++++++++++++++++   Welcome back to our new and returning community members! We’re so glad to have you here with us today. We’re excited to share another chance to win a $100 gift card this month. We’ll be discussing Extension Filing and how that may impact your tax planning.  Tax extension filers are individuals or businesses who opt to request additional time to submit their tax returns to the Internal Revenue Service (IRS). This extension allows them to delay the filing deadline, which is typically on April 15th but is extended to October 15th. Tax extension filers may choose this option for various reasons, such as needing more time to gather necessary documentation, facing complex financial situations, or simply wanting to ensure accuracy in their tax filings. By obtaining a tax extension, these individuals and businesses can alleviate some stress and ensure they have ample time to complete their tax returns accurately and efficiently. To be able to win the $100 gift card we’d like for you to comment on this post with the answer to these questions: If you, a family member, or someone you know has filed an extension with the IRS, what was the reason? Are you/they ready to file, officially, next month? If you’d like to learn more about tax extensions we have plenty of experts available to answer all of your questions! Join us for a LIVE Q&A on Wednesday, September 30th any time between 9:00am and 5:00pm Pacific Time to ask Tax and Financial Experts  your questions and get advice about taxes and personal finance, for free! Learn more and RSVP here.          Remember that replying to this post by telling us about why an extension was filed and letting us know if you are ready to file next month will enter you in a chance to win a $100 gift card. A winner will be randomly selected from this thread on September 30th, 2024.                                                                                                              +++++++++ We will be hosting the Extension Filers Sweepstakes to give you, and others, the opportunity to share your experiences. One lucky winner will be chosen randomly to receive a $100 gift card. WHAT: Sweepstakes for a $100 gift card WHEN: Entries will be accepted from September 23, 2024 through September 30, 2024 at 5:00 pm Pacific Time HOW: Enter by adding a comment to this post sharing why you, a family member or friend filed an extension and if you/they are ready to file next month. If you are the winner, we will send you a private message. The winner will be selected at random on September 30, 2024

Thank you so much to everyone who participated! We appreciate you sharing your experiences with our community. A winner will be randomly selected and contacted to claim their prize.     ++++++++++++++++++++++++++++++++++++++++++++++++++++++++++   A friendly welcome to our new and returning community members!  We’re excited to share another sweepstakes and another chance to win a $100 gift card with you. This month, we’re discussing Self-Employed Quarterly Filing.   Self-employed individuals are required to file quarterly taxes to ensure they meet their tax obligations throughout the year. Unlike traditional employees, who have taxes withheld from their paychecks, self-employed workers must estimate and pay their taxes quarterly based on their anticipated income. This typically involves calculating income tax and self-employment tax, which covers Social Security and Medicare contributions. Filing quarterly taxes helps avoid a hefty tax bill at the end of the year and minimizes the risk of penalties for underpayment. It’s essential for self-employed individuals to keep accurate records of their income and expenses, as this information is crucial for making accurate estimates and filing tax returns. Now that we know what self-employed quarterly filing is, imagine individuals tackling quarterly taxes alone. It can be a bit daunting and even feel like they’re in an episode of a reality show titled "Survivor: Tax Edition." Instead of dodging tribal councils, they’re dodging the overwhelming dread of calculating estimated taxes. Picture this: you're sitting at your desk, calculator in hand, frantically sifting through receipts like a contestant searching for hidden immunity idols. As you calculate your self-employment tax, you can almost hear the dramatic music playing in the background. But fear not! Filing quarterly taxes isn't just about avoiding a surprise tax bill; it's also a chance to flex those math muscles you didn’t know you had. Just remember, your tax deductions are like secret weapons—use them wisely, and you might just conquer the tax jungle without having to resort to bartering with coconuts! For some, self-employed quarterly filing may be confusing, for others, the estimations help build confidence. While there are many individuals that plan to tackle this task on their own, there are some that would prefer to have a TurboTax Tax Expert help them navigate uncertain waters. That’s why this month we're asking, how has using a Tax Expert’s advice made your process easier? Or if you have decided not to use one of our Tax Experts, please share why. Anyone who shares their opinion or experience below will be entered into a sweepstakes for a $100 gift card. A winner will be randomly selected on August 28, 2024.  If you have questions about how Self-Employed Quarterly Filing can affect your taxes, please join us for a LIVE Q&A with our Tax Experts on Wednesday, August 28th any time between 9:00am and 5:00pm Pacific Time This will be the perfect time to ask Tax and Financial Experts your questions and get advice about taxes and personal finance, for free! Learn more and RSVP here.                                                                                                                       +++++++++ We will be hosting the Self-Employed Quarterly Filing sweepstakes to give you, and others, the opportunity to share your experiences. One lucky winner will be chosen randomly to receive a $100 gift card.   WHAT: Sweepstakes for a $100 gift card WHEN: Entries will be accepted from August 21, 2024  through August 28, 2024 at 5:00 pm Pacific Time HOW: Enter by adding a comment to this post sharing your opinion or experience with using a Tax Expert to help file your taxes or if you have not used one of our Tax Experts, you could share why. If you are the winner, we will send you a private message. The winner will be selected at random on Aug 28, 2024

  Thank you so much to everyone who participated! We appreciate you sharing your experiences with our community. A winner will be randomly selected and contacted to claim their prize.     ++++++++++++++++++++++++++++++++++++++++++++++++++++++++++     Welcome back to our new and returning community members! We’re so glad to have you here with us today. We’re excited to share another chance to win a $100 gift card this month. We’ll be discussing how you teach your kids financial responsibility: allowance vs chores.  One of the key questions parents often face is whether to provide their children with an allowance or tie it to completing chores. Both approaches have their merits and can help instill financial responsibility in kids from a young age. Allowance provides children with a steady income stream, teaching them the value of money and how to manage it. It allows kids to make their own spending decisions and learn from the consequences of their choices. However, it is essential to set clear expectations regarding saving and budgeting, ensuring that they understand the importance of financial planning. On the other hand, tying allowance to chores can teach children the connection between work and earning money. By completing age-appropriate tasks, kids learn valuable life skills, such as responsibility, discipline, and the importance of contributing to the household. It also instills a strong work ethic and helps children understand the value of their efforts. Ultimately, the decision between allowance and chores depends on the values and goals of each family. It is crucial to strike a balance between providing financial independence and teaching the importance of hard work. By incorporating both elements, parents can guide their children towards becoming financially responsible individuals who understand the value of money and the rewards of their efforts. To be able to win the $100 gift card we’d like for you to comment on this post with your response to the question: how do you teach your kids financial responsibility - allowance vs chores? If you’d like to learn about Dependents & Child Tax Credits we have plenty of experts available to answer all of your questions! Join us for a LIVE Q&A on Wednesday, July 31st any time between 9:00am and 5:00pm Pacific Time to ask Tax and Financial Experts your questions and get advice about taxes and personal finance, for free! Learn more and RSVP here.          Remember that responding to this post by telling us how you teach your kids financial responsibility: allowance vs chores, will enter you in a chance to win a $100 gift card. A winner will be randomly selected from this thread on Wednesday, July 31st, 2024.            +++++++++ We will be hosting the Dependents & Child Tax Credits sweepstakes to give you, and others, the opportunity to share your experiences. One lucky winner will be chosen randomly to receive a $100 gift card. WHAT: Sweepstakes for a $100 gift card WHEN: Entries will be accepted from July 24, 2024 through July 31, 2024 at 5:00 pm Pacific Time HOW: Enter by adding a comment to this post sharing any major life events you expect to affect your taxes. If you are the winner, we will send you a private message. The winner will be selected at random on July 31, 2024

  Thank you so much to everyone who participated! We appreciate you sharing your experiences with our community. A winner will be randomly selected and contacted to claim their prize.   ++++++++++++++++++++++++++++++++++++++++++++++++++++++++++   A friendly welcome to our new and returning community members. We’re so glad you’re all here! We have another sweepstakes which means another opportunity to win a $100 gift card! This month, we’re discussing Maximizing Your Write-offs.   A write-off is a fancy way of saying business expense. This means that write-offs are exclusively for business expenses, not just any personal expense. That being said, there are some fun, and even juicy, write-offs you could look for as a solopreneur or entrepreneur. Some fun write-offs I appreciate are cell phone, education, home office, and even gifts! Side-note, you’re only able to write-off $25 per person per year in gifts :wink: so if you buy John a gift worth $50 (for referring customers to you) you’ll only be able to deduct $25 from your taxes. Even though it’s a small amount, all of these can really add up to significant savings! So tell us: which write-offs are your favorite? Any user who comments about your favorite write offs on this post will be entered into a sweepstakes for a $100 gift card. A winner will be randomly selected on May 31, 2024. If you have questions about how tax deductions can affect your taxes, please join us for a LIVE Q&A on Wednesday, May 22nd any time between 9:00am and 5:00pm PT to ask Tax and Financial Experts your questions and get advice about taxes and personal finance, for free! Learn more and RSVP here.                              +++++++++ We will be hosting the Maximizing Yours Write-offs sweepstakes to give you, and others, the opportunity to share your favorite write-offs. One lucky winner will be chosen randomly to receive a $100 gift card. WHAT: Sweepstakes for a $100 gift card WHEN: Entries will be accepted from May 20, 2024 through May 31, 2024  at 5:00 pm Pacific Time HOW: Enter by adding a comment to this post sharing your favorite write-offs or experience with tax deductions. If you are the winner, we will notify you via email and private message. The winner will be selected at random on May 31, 2024

Who knew conserving energy could put so many tax dollars in your pocket?! It’s no secret that there’s an ever-increasing movement toward energy efficiency in recent years (decades, really). The push is so strong that even the IRS continues to jump on the eco-friendly bandwagon with Energy Tax Credits.  Every homeowner and car driver needs to be aware of these wonderful (in many ways) tax credits. If you don’t have a clue what I’m talking about, start with the basics on what energy tax credits actually are and what it means to get one. For the rest of you, keep reading because there’ve been some recent changes and they’re for the better!   LET THE SUN SHINE!  Solar energy is all the rage - and it should be! The sun is essential to life, why not let it be essential to our energy needs as well?!  It seems the IRS agrees with a big YES to tax savings! Under current tax law, the solar energy credit is a massive 30%! That's a big chunk of money when you consider the cost of solar panels in the average home. Even better, this credit isn’t going away any time soon. The solar energy efficient equipment can be purchased and installed between January 1, 2022 through December 31, 2032.  And it’s not just limited to solar panels. It includes any solar-powered equipment that generates electricity or heats water. Certain solar power storage equipment counts too, in addition to qualifying installation charges. Keep those receipts! The solar energy tax credit is just one aspect of the Residential Clean Energy Credit(s). But before we go any further, you should know that the clean energy credits are what is called a “non-refundable” credit. This simply means they can offset your income tax liability dollar-for-dollar. If you have any extra tax credit left over (more than your tax liability) there’s no need to be concerned. For most of these credits, you can roll over the unused portion to future years  - just as long as the credit is still in place. UPDATE YOUR HOME FOR TAX CREDITS! Get a new heater, air conditioner, windows, doors, and more! You can even replace your home insulation and get a credit for that. If you were planning to make home improvements anyway, now’s the time to do it! Take advantage of the Energy Efficiency Home Improvement Credit while it’s here for you. Okay - for the sake of full disclosure, there are limits to the amount of tax credit you can receive for a specific improvement, as well as a yearly limit. Starting January 1. 2023, the credit is the lesser of 30% of the total for all the qualifying improvements or $1,200.  Here are the limits for specific items that go toward that $1,200 max: Exterior doors - $250 each ($500/yr max) Exterior windows/skylights, central A/C units, electrical related equipment (such as panels), natural gas, propane and oil water heaters, furnaces or hot water boilers -  $600 Home energy audits - $150 But wait, there’s more! The total yearly tax credit, under this section of the energy credits, is actually up to $3,200! In addition to the $1,200 tax credit limit above, a separate aggregate yearly credit limit of $2,000 applies to electric or natural gas heat pump water heaters or heat pumps, and biomass stoves and boilers.  A huge improvement of this credit is that there is no more lifetime maximum! You can improve your home year after year (through 2032) and receive a maximum of $3,200 in tax credits each year! Pretty good deal, if you ask me! Maybe you should plan it out in phases - pace yourself before whipping out that credit or debit card! And to help you out even more, here’s a list of 10 Energy-Related Home Improvements You Can Make Today. HOW ABOUT A NEW CAR - KEEP IT CLEAN (WITH BENEFITS)!  The vehicle tax credit “powers that be” have recognized that to be a “clean” energy vehicle, it doesn’t necessarily mean “electric” vehicles. There are innovations in clean energy emerging all the time. A vehicle that uses hydrogen fuel cell technology and many plug-in hybrids may also qualify for the up to $7,500 Clean Vehicle Credit. And this credit is good through December 31, 2032. A big improvement for the vehicle tax credits is that there is no rush to get yours! The manufacturing make/model limits are gone. Another interesting perk (starting in 2024) is that you can now get the vehicle tax credit right at the dealership (off the price of your qualifying vehicle purchase). You don’t have to wait until you file your tax return!  You choose - lower purchase price or tax credit! Because of the large dollar amount of this tax credit, of course there are qualifiers. One item to be aware of is that the $7,500 is actually broken into two (up to) $3,750 credits. The two parts are a critical minerals requirement and a battery components requirement. While this may not mean much to you, your automobile dealer will know if your vehicle qualifies for both parts of the Clean Vehicle credit.   There are other requirements as well. For example, the vehicle's manufacturer suggested retail price (MSRP) can't exceed: $80,000 for vans, sport utility vehicles and pickup trucks $55,000 for other vehicles And with several high value tax credits, there are often income limitations. In the current or prior year, your Modified Adjusted Gross Income (MAGI) must be below: $300,000 if married filing jointly  $225,000 if filing as head of household $150,000 for all other filers Can’t afford a brand new clean vehicle? I guess I should mention that there’s a used car component to this too! For used vehicles, the credit is up to $4,000 - depending on income levels. And because the car prices are lower, the income levels per filing status are cut in half too (modified adjusted gross income cannot exceed $150,000 married filing jointly, $112,500 head of household, $75,000 other filers).  No matter if you buy new or used, start here to find out if you qualify!  ___Here’s a little extra to help with navigating TurboTax and the required tax forms:Where do I enter qualified energy-saving improvements?Filing Tax Form 8936: Qualified Plug-in Electric Drive Motor Vehicle CreditWhat Is the IRS Form 5695?Electric Car Tax Credit: What is Form 8834?What is a clean vehicle tax credit?

  Thank you so much to everyone who participated! We appreciate you sharing your experiences with our community. A winner will be randomly selected and contacted to claim their prize.   ++++++++++++++++++++++++++++++++++++++++++++++++++++++++++   A friendly welcome to our new and returning community members!  We’re excited to share another sweepstakes and another chance to win a $100 gift card with you. This month, we’re discussing tax credits.   A tax credit is a dollar-for-dollar reduction of the income tax you owe, so it’s no surprise that filers want to find the most credits they’re eligible for. Since our lives are always changing and new tax credits are established yearly, you may be surprised to find credits you didn’t know about or didn’t previously qualify for this year. Please share what credit you just learned about or qualified for this year, or what credit you hope to claim in the future. Any user who comments about tax credits on this post will be entered into a sweepstakes for a $100 gift card. A winner will be randomly selected on March 27, 2024. If you have questions about how tax credits can affect your taxes, please join us for a LIVE Q&A on  Wednesday, March 13th any time between 9:00am and 5:00pm PT for Family Tax Credits, or Wednesday, March 27th any time between 9:00am and 5:00pm PT for Energy Tax Credits to ask Tax and Financial Experts your questions and get advice about taxes and personal finance, for free! Learn more and RSVP here.                                                                                                                                                                                                                                                                                                                                +++++++++   We will be hosting the Tax Credit sweepstakes to give you, and others, the opportunity to share your experiences. One lucky winner will be chosen randomly to receive a $100 gift card.   WHAT: Sweepstakes for a $100 gift card WHEN: Entries will be accepted from March 13, 2024  through March 27, 2024  at 5:00 pm Pacific Time HOW: Enter by adding a comment to this post sharing your opinion or experience with tax credits. If you are the winner, we will send you a private message. The winner will be selected at random on Mar 27, 2024

Depreciation, COGS, and QBI! Oh my!! Self-employment tax reporting can be like taking a walk down the yellow brick road. There could be twists and turns and even strange sightings of unusual “terms”.   No need to fear, the path to home will soon be clear. And yes, the rumors are true - you can take a deduction for your home office and your vehicle too!! But, just when you think you’re nearly there, more confusing words start to appear. They’re coming right at you and piling high. You see Gross Receipts, Gross Income, and Gross Profits.  Oh why?!  As you venture on your journey through the land of SE (SE means self-employment, in case you didn’t guess), there may be terminology that you don’t quite understand. And if you do, it’s possible the IRS defines it just a little bit differently than what you’re familiar with.  Let’s clarify the meanings for common terms every self-employed person needs to know: Gross Receipts (aka Gross Sales)  - Think of this as every dollar (or item of value) your business takes in from the products and services it sells.  Yes, it’s as simple as that!Gross receipts could be in the form of cash, checks, credit cards, cryptocurrency or even barter income. (For barter income, you include the value of the item or service you receive in exchange for your own merchandise or services.)You might also receive tax forms (1099-NEC, 1099-MISC, and/or 1099-K). Those need to be included as well, but be sure to not duplicate the income when reconciling your bookkeeping with the forms entered into TurboTax for tax preparation. Gross Profit - This is what’s left over after you subtract COGS (Cost of Goods Sold), refunds, or (after the sale) price adjustments provided to your customers or clientele. Gross Income - After you’ve figured out your Gross Profit, there may be other miscellaneous income that isn’t really related to sales (or normal course of business activities). The additional income could be from sources such as receiving a prize or award, bad debts that the business later recovered, or other (mostly uncommon) income. The end result is your true Gross Income. Net profit - This is the ever-so-important taxable amount. It’s the dollar amount after you’ve deducted all of your business expenses. Each type of business may have some unique deductions available, but the general rule is that you can deduct any “ordinary and necessary” business expenses. Of course you need receipts to back up those deductions  - that’s part of recordkeeping/bookkeeping and a whole other topic of discussion. COGS (Cost of Goods Sold) - This one gets confusing because everyone knows there’s a “cost” to everything that is sold. However, it’s really about inventory or manufacturing costs. If you produce your own products to sell or purchase items at wholesale prices for resale, you will have COGS. Think of the costs that are included in COGS, as labor and materials to manufacture or obtain physical items.Service industries generally don’t have COGS because there is no physical inventory/product that is sold. At Risk - If you are a self-employed sole proprietor, who’s had a loss on their business, you may have noticed a question asking if “All investment is at risk” or if “Some investment is at risk”.  The easiest way to explain this is if the only money or property put into the business is from your own personal sources, it is “all” at risk. If all of the investment into the business is not at risk, your loss deduction may be eliminated or reduced. Self-Employment Tax (SE tax) - Surprise! There’s a special “additional” tax on your net profits! That’s right, you will pay an additional 15.3% on any amount over $400 in addition to your Ordinary Income tax rates. To be fair, you do get a deduction for half of the amount you pay. And the reason for it is to cover Medicare and Social Security that you’d normally have deducted from W-2 income, if you were a regular employee elsewhere.  This article What is the self-employment tax? has more details about SE taxes. Quarterly Estimated Taxes - The IRS and state taxing authorities tend to want their income taxes as you earn the income. Thus, the creation of quarterly estimated income taxes. As a self-employed person, you don’t receive that paycheck with taxes withheld and sent in on your behalf. It’s completely up to you to make sure those tax payments are made. TurboTax will help you figure yours out. In the meantime, here’s A Guide to Paying Quarterly Taxes that will really help! QBI (Qualified Business Income) - This is a good one! How would you like a 20% deduction off of your Adjusted Gross Income - just for having a profitable business? Pretty nice concept, right?! Most smaller businesses that have a net profit can get a deduction on some or all of that profit. How it works is a little complex so it might be easier to simply check out the TurboTax article that answers the question of What is the Qualified Business Income (QBI) deduction?. Depreciation - Assets are treated the same whether you’re working a side gig or have a larger full-time business. When you make a large purchase for your business such as equipment or furniture, those are considered assets. The IRS has several ways for you to claim those high-dollar purchases and the most common method is by depreciation. What is depreciation anyway?  Depreciation is a method of “writing off” only a portion of that asset each year so you can benefit from the deduction as your income increases year-after-year. We’re almost at the end of the road, and there are two favorite deductions - or so I am told!  So to save you some work, I’ll share the following self-employed perk! Your home and car could save you taxes! If you have a bonafide home office, you can deduct that part of your home as well as related expenses such as utilities, HOA fees, mortgage interest, homeowners insurance, and more! One requirement is “exclusive and regular use” of the home office space. Read more about claiming the home office deduction to see if yours qualifies.  And possibly even better than that might be the vehicle deduction. This one can be huge if you drive a lot in the course of doing business. Check out the details about the Business Use of Vehicles to see if you can save some taxes there too! Of course, there’s always more to share. Here are a few resources so you’re more aware. What is a Schedule C IRS Form?Am I considered self-employed? Self-Employment Taxes in Today's Gig EconomyWhen the IRS Classifies Your Business as a Hobby

Thank you so much to everyone who participated! We appreciate you sharing your experiences with our community. A winner will be randomly selected and contacted to claim their prize.   ++++++++++++++++++++++++++++++++++++++++++++++++++++++++++   A friendly welcome to our new and returning community members!  We’re excited to share another sweepstakes and another chance to win a $100 gift card with you. This month, we’re discussing Self-Employed & Gig Workers.   The Gig Economy is booming. Many Americans are working one or more gig jobs and their reason for doing so vary. Some people find the freedom of working their own hours allows them to pursue other interests, many people are working side gigs to supplement their income, and others have jumped on board with gig work to fill the time and socialize (shout-out to the drivers who also give out free life advice).  Gig work has changed the economy and the way we do our taxes. If you have done gig work or started your own business, you know there are pros and cons to it. To be entered in a sweepstakes for a $100 gift card, please share either a pro or a con to gig work, or if you have not experienced self-employment, share what you think the best gig work is. A winner will be selected at random. If you have questions about how being self-employed or a gig worker can affect your taxes, please join us for a LIVE Q&A on  Wednesday, February 28th any time between 9:00 am and 5:00 pm Pacific Time to ask Tax and Financial Experts your questions and get advice about taxes and personal finance, for free! Learn more and RSVP here.                                                                                                                                                                                                                                                                                                                                +++++++++   We will be hosting the Self-Employed & Gig Workers sweepstakes to give you, and others, the opportunity to share your experiences. One lucky winner will be chosen randomly to receive a $100 gift card.   WHAT: Sweepstakes for a $100 gift card WHEN: Entries will be accepted from February 15, 2024 to February 28, 2024 at 5:00 pm Pacific Time HOW: Enter by adding a comment to this post sharing your opinion or experience with crypto. If you are the winner, we will send you a private message. The winner will be selected at random on February 28, 2024  

Do you love getting a jumpstart on filing your tax returns? Some of us have a real need to be organized and make sure our tax returns are completed as soon as possible - if for no other reason than to just check it off our list. Others aren’t as obsessed about getting it done, but know they’re receiving a refund. Maybe they typically qualify for a refundable tax credit such as the Earned Income Credit (EIC). Or they have over withheld the taxes on their paychecks and want that money back in their own pockets ASAP. After all, the IRS has “borrowed” it for long enough!There’s another group of tax filers too - the ones who are filing for the very first time and are anxious to see what the “tax season” fuss is all about.  If this is you, and you need to know where and how to begin, you’ll get a great start with this info-filled article called Help! It’s My First Time Filing Taxes. It includes the basics like some tax terminology, help with gathering your docs, links to calculators, a checklist, and so much more! Filing early or waiting until the last minute is generally a personal choice, but sometimes it’s because you have no other choice. There is a sense of urgency for some to file early because of the need to produce a current tax return for personal reasons such as buying a home, higher education tuition assistance, or other financial needs. Many of those who have no choice, but to postpone filing, usually do so because they are waiting for financial documents from sources (such as business investments) that have not yet completed their own tax returns.  Filing early has its perks. The good news for early filers is that: it’s off your mind and your To Do list. if you’re due a refund, you should get it sooner. you’ll know earlier if you will owe - and can plan for paying the amount due. However, filing early has some potential downsides too. It’s possible that: certain forms you need may not yet be finalized by the IRS. you might not have received all your official tax forms (W-2s, 1099s,K-1s). last minute tax law changes could affect you, and you will end up amending your tax return. your rush to the finish line may lead you to skip tax-reducing deductions and credits. To help prevent that, check out some tax deductions worth looking into. Before making any decisions, remember that each person’s situation is different. For some people, it’s better to file early even if it means the need to amend their tax return later.  For others, it’s best to extend and wait. Either way, make sure you do your homework, for your own personal tax scenario, so there are no IRS surprises waiting for you down the road.Pro Tip: Ask the pros! That’s right! Going to a pro with your tax questions is always the best decision. Getting accurate tax advice, that is unique to your financial situation, is generally not a discussion for dinner and drinks - or a social experiment type of situation. After all, the goal is to keep more of your hard-earned money and to avoid an IRS audit, right?Lucky for you TurboTax has credentialed Tax Experts ready to help you when you need it!  The article Tax Questions: Who's Your Expert will easily guide you to the Expert help you need and by the method you want to receive it.Still want to learn more? Enjoy these additional resources. When to File Taxes: Should You Always Try to Be Early?Why Should You File Your Taxes Early? Our Top 5 ReasonsHow to File Taxes OnlineFirst Time Taxpayers: Your Go-to Guide For Filing Your Taxes - loaded with links!Filing Taxes for the First-Timer

This sweepstakes has ended   Thank you so much to everyone who participated! We appreciate you sharing your experiences with our community. A winner will be randomly selected and contacted to claim their prize. ++++++++++++++++++   A friendly welcome to our new and returning community members!  We’re excited to share another sweepstakes and another chance to win a $100 gift card with you. This month, we’re discussing early and first-time filers.   Many people like to file their taxes as soon as possible; whether you hope to get your refund ASAP or just want to get the task out of the way, you’re not alone in early filing. Perhaps this is also your first time filing. Maybe you are excited to get started or maybe you’re worried you’ll have questions and want to get a head start. No matter your reasoning, the TurboTax Community is here for you. That’s why this month if you share why you’re starting on your taxes early, you will be entered to win a $100 gift card. A winner will be randomly selected on January 31, 2024.  If you have questions about how filing early can affect your taxes or any questions about filing for the first time, please join us on Wednesday, January 31st any time between 9:00 am and 5:00 pm Pacific Time for our latest installment of our Ask the Experts event series. This time we'll be helping out anyone looking to file early or first-time filers who are ready to get started.                                                                                                                                                                                                                                                                                                                 +++++++++   We will be hosting the Early Filers & First-Time Filers sweepstakes to give you, and others, the opportunity to share your experiences. One lucky winner will be chosen randomly to receive a $100 gift card.  WHAT: Sweepstakes for a $100 gift card WHEN: Entries will be accepted from January 17, 2024 to January 31, 2024 at 5:00 pm Pacific Time HOW: Enter by adding a comment to this post about why you’re filing early.  If you are the winner, we will send you a private message. The winner will be selected at random on Jan 31, 2024

Admit it! At least once in your life, you’ve asked a friend or co-worker for tax advice. It’s okay - we’ve all done it. For the rest of you, who don’t trust your financial life to your friends or work buddies, it seems your choices are limited. You could search it up and gamble that what you land on is correct. Better yet, post on social media! The answers to all of your burning tax questions can be found there. Right?! (Maybe not the best of ideas.) Between reading dozens of random blogs or sifting through a myriad of responses from social media friends and helpful types, you’re probably more confused than ever. And don’t even try to interpret the roughly 7,000 pages of ever-changing tax code. It’s a daunting task for the best of us. Exhausted from all that research, you decide to take the “advice” that helps your tax situation the most. That makes sense! As your refund increases, success is yours and all is right in your world! It’s time to book that trip you’ve been wanting to go on, maybe buy that new tech you’ve “needed” for a very long time. Life is good! Then one day (maybe the day you’re packing for that trip), you receive a letter from the IRS. They’re changing your tax return and removing some deductions you claimed. It seems your friendly “social” tax advisors weren’t really your friends at all. You were led astray and took deductions on your taxes that you weren’t allowed to take. Uh oh! (To be fair, neither of you really knew it wasn’t correct.) Instead of gambling with your tax refund, what if you got advice from someone trained (and tested) to have the knowledge and expertise you need? Your biggest challenge is simply to figure out how you want to get your personalized tax advice.  With TurboTax, you get to choose! For example, our vast and profusely searched TurboTax Community is the place to go if you prefer written responses to your tax questions. In addition to credentialed Tax Experts like EAs and CPAs, you’ll also see our Champions (incredibly knowledgeable tax expert volunteers) ready to help! Bonus: you can ask as many questions as you want and it’s free! If you prefer the sound of a human voice, our TurboTax Live Tax Experts are available for phone and video calls. With our Live Assisted service, you can still prepare your own taxes; however, credentialed Tax Experts are available to not only answer your unique and complex tax questions, but also provide you with a final review. But wait..it gets even better!  Maybe you're the type who avoids preparing your own taxes at all costs. If that's you, then Live Full Service is what you need. These Experts will prepare your taxes for you! That’s right, you upload your docs, stay in communication, and your Live Full Service Tax Expert does the heavy lifting! (Trust me, that Tax Code is very “heavy lifting''!) Still undecided? You can easily compare your options, or start for free and upgrade as needed! Whichever way you choose, we’ve got the Experts!

Okay, maybe life-changing is a bit dramatic for some of you. For others, the focus on crypto with TurboTax’s newly launched Investor Center is absolutely going to make your digital investment decisions easier!  This best-in-class crypto tax solution enables you to track and plan ways to reduce your taxable gain. Imagine how simple it will be to monitor all of your digital wallets and exchanges in one place. Yes, that includes Coinbase, Robinhood, the most popular blockchains, and many others! Did monitoring your investments just become a little bit more fun? It sure did!    Here’s a peek at what this powerful tool will do for you: Tax Outcome Tracker - You’ll see daily estimates on your realized gain/losses as well as after-tax proceeds estimates! This is incredibly helpful come tax time as you won’t need to rush to sell at year’s end to mitigate tax on gains (You know who you are!). Portfolio Monitoring - It’s the simple solution to view all your crypto holdings (from multiple sources) in one place. And yes, it includes asset allocation views too! Intelligent Tax Optimization - This (not so) little feature helps to identify and calculate missing cost basis. Talk about pre-emptive tax saving! Game changing! Integrations  - Oh so many integrations! Currently there are over 15 digital asset wallets, exchanges and blockchain integrations…with more on the way!  I almost forgot to mention that you benefit from these features year-round! That’s right, you don’t have to wait until tax time, or manually try to figure out how much tax you’ll owe. It’s done for you. And it’s free to use! The TurboTax Investor Center is your all-in crypto tax solution. As a matter of fact, you can get started right now to see how it all works.  For more information on taxes and your digital assets, check out the articles linked below.4 Crypto Tax Myths You Need to KnowTax Tips for Bitcoin and Virtual CurrencyYour Crypto Tax GuideCryptocurrency GuideHow is cryptocurrency taxed?

This sweepstake has ended   Thank you so much to everyone who participated! We appreciate you sharing your experiences with our community. A winner will be randomly selected and contacted to claim their prize. ++++++++++++++++++   A friendly welcome to our new and returning community members!    We’re excited to share another sweepstakes and another chance to win a $100 gift card with you. This month, we’re discussing cryptocurrency.     For some, crypto may be confusing, for others, it may be used as commonly as cash. While there are many advantages to using crypto, there are some disadvantages as well. That’s why this month we're asking, has crypto made your financial transactions easier or more complicated? Or if you have decided not to use crypto at all, please share why. Anyone who shares their opinion or experience below will be entered into a sweepstakes for a $100 gift card. A winner will be randomly selected on November 15, 2023.    If you have questions about how cryptocurrency can affect your taxes, please check out this blog post and join us for a LIVE Q&A on  Wednesday, November 15th any time between 9:00am and 5:00pm Pacific Time to ask Tax and Financial Experts your questions and get advice about taxes and personal finance, for free! Learn more and RSVP here.                                                                                                                                                                                                                                                                                                                                +++++++++   We will be hosting the Crypocurrency sweepstakes to give you, and others, the opportunity to share your experiences. One lucky winner will be chosen randomly to receive a $100 gift card.   WHAT: Sweepstakes for a $100 gift card WHEN: Entries will be accepted from November 8, 2023  at 9:00 AM through November 15, 2023  at 5:00 pm Pacific Time HOW: Enter by adding a comment to this post sharing your opinion or experience with crypto. If you are the winner, we will send you a private message. The winner will be selected at random on Nov 15, 2023