SAN DIEGO--(BUSINESS WIRE)--Despite a later than expected start to the 2013 tax filing season, taxpayers shouldn’t delay and can prepare and file their tax returns now with TurboTax. The vast majority of tax filers, including those paying the Alternative Minimum Tax, can prepare and file now and be first in line to get their refunds when the IRS begins processing returns on Jan. 30.
“The federal tax refund is the most important financial moment of the year for many families. We know how much people depend on their tax refunds to pay bills and living expenses”
TurboTax®, the nation’s No.1 rated best-selling tax software from Intuit Inc. (Nasdaq: INTU), is up to date with recent tax law changes so taxpayers can begin preparing their tax returns now. TurboTax will hold returns and once the IRS begins accepting e-filed returns on Jan. 30, will securely submit federal tax returns on a first-in, first-out basis.
“The federal tax refund is the most important financial moment of the year for many families. We know how much people depend on their tax refunds to pay bills and living expenses,” said Bob Meighan, CPA and vice president of TurboTax. “The most important thing people can do is prepare and file now so they’re first in line for their tax refund.”
About 40 percent of American households live paycheck-to-paycheck. In 2012, the average tax refund was $2,700, equaling more than a month’s worth of income for two-thirds of taxpayers or over three months of groceries for the average family of four. It is the primary reason that taxpayers file returns by mid-February.
“The IRS does not anticipate any associated tax refund delays once processing begins on Jan. 30,” added Meighan. “For the fastest refund possible, taxpayers should use e-file and direct deposit.”
The IRS expects to issue more than 9 out of 10 refunds in less than 21 days. The IRS will not process paper returns before Jan. 30.
Taxpayers claiming residential energy tax credits, depreciation of property or general business credits will be not be able to start filing in late February or early March because of the need for more extensive form and processing systems changes.
Taxpayers wondering how recent tax law changes may impact their taxes can contact TurboTax tax experts, who are available year round to answer taxpayer questions, free. Only TurboTax lets taxpayers talk by phone or chat to certified public accountants, Internal Revenue Service enrolled agents or tax attorneys as often as they like while they’re preparing their tax return, free.
TurboTax is the nation’s No. 1 rated, best-selling, do-it-yourself tax preparation software. Available on desktop, online and mobile, TurboTax helped more than 25 million people last year keep more of their hard-earned money. For more information, visit the TurboTax press room, like us on Facebook at www.facebook.com/turbotax, follow us on Twitter at twitter.com/turbotax, or visit our blog, Tax Break: The TurboTax Blog, at blog.turbotax.intuit.com/.
Intuit Inc. is a leading provider of business and financial management solutions for small and mid-sized businesses; financial institutions, including banks and credit unions; consumers and accounting professionals. Its flagship products and services, including QuickBooks®, Quicken® and TurboTax®, simplify small business management and payroll processing, personal finance, and tax preparation and filing. ProSeries® and Lacerte® are Intuit’s leading tax preparation offerings for professional accountants. Intuit Financial Services helps banks and credit unions grow by providing on-demand solutions and services that make it easier for consumers and businesses to manage their money.
Founded in 1983, Intuit had annual revenue of $4.15 billion in its fiscal year 2012. The company has approximately 8,500 employees with major offices in the United States, Canada, the United Kingdom, India and other locations. More information can be found at http://www.intuit.com.
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