IRS Announces They Are Working on a New 1040 Tax Form: Intuit TurboTax Has Got You Covered

This week the IRS announced they are working on changes to the 1040 tax forms. The IRS said that “this new approach will simplify the 1040 so that all 150 million taxpayers can use the same form. The new form consolidates the three versions of the 1040 into one simple form.” The announcement is the first major change to 1040 tax forms in decades. But don’t worry, TurboTax has you covered. To find out more, see the TurboTax Blog.

Can Cellphone Expenses Be Tax Deductible with a Business?

Cellphones have become just as vital to business as a land line, which makes cellphone use a legitimate, deductible business expense. But for most of us, cellphones are also inextricably linked to our personal lives, so it’s a deduction that the IRS scrutinizes very carefully to make sure personal electronics use isn’t being claimed as a business expense. To find out more about deducting cellphone use on your tax return, see the full TurboTax article.

Medical Expenses Checklist

If you have been paying a lot for health care recently, you may be glad to learn that many of those expenses could qualify as deductible from your taxable income on Form 1040, Schedule A. See the TurboTax article for a helpful checklist to determine which medical expenses you can take as a deduction on your income tax return.

Tax Day Update: TurboTax is Accepting E-Filed Tax Returns

As of 2:00 PM PST, the IRS announced that they are once again accepting e-filed tax returns. If you still need to file your tax return, you should continue to prepare and file your taxes as normal with TurboTax. If you prepared and filed your taxes with TurboTax earlier today, TurboTax is now submitting those returns to the IRS and is currently processing newly filed returns as normal. To find out more, visit the TurboTax Blog.

Tomorrow is the Tax Deadline: 7 Things You Need to Know to File on Time!

The tax deadline is upon us! Most people who are due tax refunds file early in the year, so you might be one of the taxpayers who hasn’t filed because you will owe. But no matter whether you are due a tax refund or owe money, with just one day left before the tax deadline (11:59 pm local time on Tuesday, April 17), it’s time to hop to it. Visit the TurboTax Blog for 7 important tips for meeting the tax deadline.

Sweepstakes: Become the #MasterOfAdulting This Tax Season

Tax Day is almost here, and what better way to adult than by getting your taxes done! As Tax Day nears, we want to celebrate everyone who’s adulting, no matter how big or small the task may be (even tying a tie counts!). 

The best part? You could win $2,500 by sharing about how you’ve become a #MasterOfAdulting! To enter for the chance to win, share how you’ve conquered adulting on Twitter or Instagram, tag @TurboTax and use the hashtags #MasterOfAdulting & #Sweepstakes. Visit the TurboTax Blog for the full rules and enter today–the sweepstakes ends on Tax Day (4/17)!

Had a Life Change? TurboTax CPAs and EAs Will be by Your Side with Our New Offering TurboTax Live

Whether you got married this year or you are purchasing your first home, changes experienced in your life can bring about many questions and uncertainties. Now, with TurboTax Live, an experienced CPA or EA will review your tax return by hand and give you the approval to file, ensuring you’re getting the most money possible and your taxes are done right. To find out more, visit the TurboTax Blog.

How Much Your March Madness Bracket Will Cost You at Tax Time

Last year, ESPN estimated that March Madness bets would total to the whopping amount of $10.4 billion. That’s real money! And real money comes with real tax implications. How much your March Madness bracket will cost you at tax time depends on how much you win–or lose! To find out more, visit the TurboTax Blog.

How to Master “Adulting” No Matter Your Age

Whether you are on your own for the first time or 45 still feeling 25, “adulting” is a never-ending process. Adulting encompasses all those tasks that come with being a responsible grown-up, even though you may still feel like a kid at heart. Don’t stress. Visit the TurboTax Blog for five goals anyone can master in the game of adulting and save money as you go.

Using Your 401k to Reduce Taxable Income

Looking for ways to reduce your taxable income for 2017 and the rest of this year? There are strategies you can use with your retirement funds, like your IRA and 401(k), to reduce your taxable income. Saving for the future and saving in taxes today–that’s a win-win situation.

Visit the TurboTax Blog to learn about some retirement maneuvers to lower your 2017 tax liability and reduce your tax liability next year as well!

New Side Job: What Do You Need Before Tax Time?

One way to improve your situation is to get a side gig. A new side job can help you boost your income and increase your financial stability. However, a new income stream also brings new tax responsibilities. If you’re trying to figure out how to handle your side gig income, visit the TurboTax Blog for details.

What’s the Difference Between a Tax Credit and a Tax Deduction?

“Just write it off.”

“Go ahead and deduct it.”

“I think there’s a tax credit for that.”

Although you might have heard or even uttered one of the sentences above, have you ever wondered what they really mean? While both tax deductions and tax credits can save you a significant amount of money on your taxes, they work in significantly different ways. To find out more, visit the TurboTax Blog.

I Started a 401K This Year. What Do I Need to Know When I File?

Congratulations on starting a 401(k)! Not only will your future-self thank you for investing now, but there are also some fantastic benefits you can enjoy now. With a traditional 401(k), your contributions go in tax-free. Since your contributions come in pre-tax, that means your taxable income is lower. Double win! To learn more about  401(k) tax rules, visit the TurboTax Blog.

Three Tax Credits for Your Family

As parents, we work hard to provide our children with the best education, a roof to sleep under and food to eat every day. This valiant effort is not overlooked by the Internal Revenue Service (IRS). Here are three tax credits that are available when you prepare your tax return, which will help you financially support your home and children.

1. Earned Income Tax Credit (EITC)
   
2. Child and Dependent Care Credit 
   
3. Child Tax Credit

To find out more about each of these credits, visit the TurboTax Blog.

Tax Forms for the Self-Employed

When you’re self-employed, it is important to remember that your tax situation will be different from those who just have an employer, meaning that you will need to use different forms to file your taxes. But don’t fret: TurboTax will ask you simple questions about you and your business and give you the tax deductions and credits you are eligible for based on your answers, saving you money for your business. Visit the TurboTax Blog to see the forms you may need to file if you are self-employed.