CEDAR RAPIDS, Iowa, July 13, 2020 /PRNewswire-PRWeb/ -- SITUATION
This tax season marked the first time ever – through world wars, financial crises and natural disasters – that the federal tax deadline was extended by three months for all tax filers. Millions of Americans are now making the last-minute push to file their taxes, with many e-filing for the first time from the comfort of their homes. TaxAct, one of the leading tax preparation software services for savvy self-filers, is available to provide context, last-minute tips, and potential steps to consider taking this year to maximize 2020 tax-year refunds.
Director of Tax Development for TaxAct
METHODICALLY REVIEW YOUR RETURN STEP-BY-STEP
When in a hurry, it's tempting to rush through the filing process and submit the return without thoroughly reviewing it. But that could lead to expensive mistakes, including missing out on valuable tax breaks that could boost your refund, such as education-expense deductions and the Child Tax Credit. Do-it-yourself tax software, like TaxAct, makes filing a quick process, taking taxpayers through a step-by-step interview to avoid missing out on eligible tax advantages.
BE QUICK, BUT DON'T HURRY
Double check your information for any input errors, including basic items such as Social Security numbers and home addresses. Just one or two typos could cause the IRS to reject your return and delay refunds.
CONSIDER MAKING A CONTRIBUTION TO AN IRA OR OTHER RETIREMENT PLAN
You can make IRA and certain other contributions for the 2019 tax year right up to the July 15 deadline. TaxAct automatically calculates allowed maximums for retirement-plan contributions.
DON'T PANIC IF CONTACTED BY THE IRS
A surprising number of filers make errors when filing their taxes. If you receive an audit letter, remember to stay calm. Most of the time, the situation is resolved by simply providing the information requested. There's very little risk of serious punishment or penalties; you simply have to comply with the rules and then your tax year will be done.
START 2020 TAX-PLANNING NOW
There are less than six months left to take proactive steps to reduce your tax liability for the 2020 tax year. It's important to think of tax-savings steps to take now, rather than putting it out of your mind until April 15, 2021. The best time to reduce your tax liability is throughout the year -- not during the last-minute filing rush. TaxAct has various tools that provide customized tax-planning recommendations to consider.
TaxAct is the savvy tax-filing partner helping ambitious Americans work the tax code to their advantage. TaxAct's do-it-yourself digital and downloadable products help customers find every tax break they deserve by finding them credits and deductions they may have never known existed. The program is fast, easy, and affordable, ensuring customers can improve their financial lives and gain access to the same insider tips and closely guarded secrets the country's wealthiest individuals have known about all along. To learn more about TaxAct, a business of Blucora, Inc. (NASDAQ: BCOR), visit http://www.taxact.com or connect with us on Facebook, LinkedIn, and Twitter.