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Why You Should File Your 2020 Taxes Early


The Internal Revenue Service (IRS) officially began processing 2020 tax returns on February 12, 2021. Though the April 15 deadline seems far away, filing early has its benefits. Here are five great reasons why you should get a head start on your taxes and electronically file your 2020 tax return as soon as possible. 

 

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, close to three out of four tax filers received a tax refund and the average direct deposit tax refund was close to $3,000! The IRS states that nine out of ten taxpayers will receive their tax refunds within 21 days or less of acceptance when they file electronically with direct deposit. 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.

 

Possibly File For Free

You may be eligible to file your taxes for free: TurboTax® has helped millions of Americans file their federal and state taxes. Depending on your circumstances, you may be able to file your taxes for free. 

 

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 one you deserve based on your answers. There’s no reason to take your taxes somewhere when you can do your taxes in the comfort of your own home.

 

tax expert advice

When you file your taxes with TurboTax Live, you can connect live via one-way video, to a TurboTax Live tax expert with an average of 12 years of experience to get personalized tax advice, on-demand, from the comfort of your home. TurboTax Live tax experts can even review, sign, and file your tax return and they are available in Spanish and English. 

 

Time tO PREPARE your payment

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 if you owe. 

 

GET YOUR BIGGEST POSSIBLE TAX REFUND

When you're ready to file your taxes, TurboTax has you covered. TurboTax experts are standing by when you need help — and can even do your taxes for you, start to finish, with TurboTax Live®. Georgia United Credit Union members can save up to $15 on Turbo Tax federal products.

 

YOUR ACCOUNT INFORMATION

Georgia United members can manage their checking and savings accounts 24-hours a day with Online Banking and our Mobile AppEasily access your tax documents, view your account balance, pay bills, apply for a loan, deposit checks* and more, all from the comfort of your home.

You can also receive alerts when credits or debits post to your account with online account alerts. To set up a new alert, log in to your account and from the navigation menu, select ‘Services’ and click ‘Alerts’.

Maintaining the security of your personal and financial information is our top priority. Remember that Georgia United will never call, email or text you to request your account password or PIN. If you are prompted for this information, do not respond and contact us directly.

 

 

Source: TurboTax

The information in this article for general educational purposes only and not intended to provide specific advice or recommendations. Please discuss your particular circumstances with an appropriate professional before taking action.

*Items transmitted using this service are not subject to the funds availability requirements of the Federal Reserve Board Regulation CC. Deposits accepted using this service will be available within two business days. Georgia United may make such funds available sooner.