The 2021 Tax Season will Start Feb. 12
2021 tax dates to highlight on your calendar: January 15, 2021 2020 4th quarter estimated tax payment due date for individuals February 1, 2021 Forms W-2 and 1099 are due to taxpayers. February 12, 2021 Start of the 2021 tax season The IRS recently announced it will open the…Read More
Facts About the PATH Act and Tax Refunds
The IRS announced that the 2021 tax season will begin on Friday, February 12, 2021, and they will begin accepting and processing 2020 tax returns. But you don’t need to wait to file. TurboTax is now officially open and accepting e-filed returns. That means that you can file now and…Read More
IRS Announces E-File Open Day! Be the First In Line for Your Tax Refund
Mark your calendars! The IRS announced today that they will begin processing tax returns on Friday, February 12, 2021. You can get started now with TurboTax and be first in line for your tax refund! TurboTax is already accepting tax returns and will securely hold them for transmission to the…Read More
Tax Benefits for Having Dependents
Kids can be overwhelming when they are cooped up in the house while on break, but they are also blessed tax-savers when you file your taxes. Here are some of the tax benefits for having children and other dependents.Full StoryRead More
Second Stimulus Payment Frequently Asked Questions
On Jan. 10, 2021, we announced the IRS has committed to reprocessing stimulus payments directly to our customers impacted by the IRS payment error. This decision was made after days spent advocating for our customers and pushing the IRS to rightfully send these much-needed stimulus dollars quickly to our customers.…Read More
TurboTax is Open and Accepting Tax Returns Now!
It’s that time of the year again – tax time! There is no denying that feeling when you see the size of your tax refund (which was close to $3,000 on average last year). To help you get ready for… Full StoryRead More
Why Haven’t I Received My Second Stimulus Check?
The IRS recently began issuing a second round of stimulus payments to those eligible. Unfortunately, because of an IRS error, millions of payments were sent to the wrong accounts and some may not have received their stimulus payment. We have been working tirelessly on a solution with the Treasury and…Read More
New TurboTax Live Brand Campaign Brings Experts “Straight To You”
We are excited to announce the launch of our 2021 TurboTax brand campaign, “Straight To You,” showcasing our tax experts’ knowledge on all things taxes. As the campaign demonstrates, our experts can provide you with as little or as much… Full StoryRead More
Holiday Bonus Season: How Your Holiday Bonus is Taxed
December is a time for giving gifts, and some employers give year-end bonuses to their employees to show gratitude for a year of faithful service. If your employer has promised you a bonus, you’re likely already thinking of all the ways you could use that money. However, before you get…Read More
The Second Stimulus Payment is Happening
You heard right – a second stimulus payout is on the way. Late on Dec. 27, President Trump signed the massive COVID-19 relief and government spending bill, which includes a second round of stimulus payments to eligible individuals across the country. To help bring you quickly up to speed, here’s…Read More
What Does the Second Coronavirus Relief Bill Mean for the Unemployed?
As of November 2020, the U.S. Bureau of Labor Statistics reported that many Americans – roughly 10.7 million that is – were unemployed. This means millions of Americans were set to lose unemployment benefits if the second coronavirus relief package… Full StoryRead More
I’m Projected to Owe Taxes Next Year – What Should I Do Now?
With tax season right around the corner, you may be wondering whether you paid enough taxes this year. Have no fear — we’ve compiled a list of money moves you can make before December 31st to improve your tax picture. Contribute More Towards Retirement If you’re contributing to your company’s…Read More
What is a Recovery Rebate Tax Credit?
With all the information covering the stimulus checks and payments you may have heard the phrase Recovery Rebate Credit thrown around and are wondering, “what is the Recovery Rebate Credit?” or “Do I qualify for the Recovery Rebate Credit?” Don’t worry about knowing answers to these questions. We have you…Read More
Where’s My Second Stimulus Check?
The Coronavirus Response and Relief Supplemental Appropriations Act – a $900B relief package, agreed to as a part of the Consolidated Appropriations Act of 2021 to deliver the second round of economic stimulus for individuals, families, and businesses was signed into law December 27, 2020. The bill provides relief through…Read More
Guide to Reporting Stock Investments on Your Return
Did you buy stocks for the first time in 2020? Well, first, congratulations! Investing in the stock market is one of the best ways to grow your net worth. By investing in stocks, you are basically putting your money to work for you. Money you invest can earn interest and…Read More
Guide to Reporting Your Unemployment Income
With COVID-19 still wreaking havoc across the globe, the U.S. economy has been shaken. In the United States a record number of people are or were once unemployed due to COVID-related shutdowns. Fortunately, many of those individuals qualified for standard state unemployment benefits, plus the additional federal funds offered as…Read More
How to File Taxes for a New Side Gig
Start a side gig in 2020? Whether you lost your job due to COVID-19, or you simply wanted to earn some extra cash, side gigs tend to complicate your tax filing a bit. Over the years, the IRS refined its rules for gig workers. But obviously, the IRS still wants…Read More
Top 7 Tax Changes That Happened in 2020
Regardless of your profession, employment status, or location in the U.S., it’s likely that you’ve been financially impacted by COVID-19 in one way or another. The undeniable hit to our economy has proven more than detrimental for millions, and for some, the changes have forced revisions to how we view…Read More
Where to Add Your Stimulus Money on Your Tax Return
A new step in filing your 2020 tax return is reporting the stimulus money you received earlier this year. Here is everything you need to know about where to add that money on your tax return. What is a stimulus payment? Back in March of 2020, federal lawmakers enacted an…Read More
TurboTax Spotlight: Tax Expert Miguel Shares Why TurboTax Live Full Service is a Gamechanger for Taxes
In case you missed it, we recently announced TurboTax Live Full Service, a new offering that will transform tax preparation for taxpayers this season, and we couldn’t be more excited. TurboTax Live Full Service allows you to virtually connect to… Full StoryRead More