How to Get a Bigger Tax Refund in 2023 With TurboTax

The official deadline to submit your 2022 federal tax return is April 18, 2023. If you haven’t filed yet, don’t panic. There are plenty of tax services that can help you complete your taxes in as little as an hour, sometimes less. You may also qualify for an automatic extension if your state recently experienced a natural disaster. Residents in California, Alabama, and Georgia, for instance, have until Oct. 16, 2023, to file with the IRS. Check the IRS Relief in Disaster Situations website for the latest updates on disaster-related extensions.

While there’s no one-size-fits-all solution for filing your return, most people choose between self-filing, using tax prep software, or hiring a licensed CPA. Typically, this decision boils down to a few factors, like how complicated your taxes are, how much time you have, and whether you want to spend money upfront to guarantee a successful return.

For people who aren’t ready to hire a CPA but still want accurate calculations and maximum refunds, TurboTax is a great, relatively affordable choice. It’s also a quick and easy process. Just upload your tax documents, answer some basic questions, and let TurboTax handle the math.

We’ve compiled a list of five simple ways to maximize your refund with TurboTax and more ways to save during the signup process. If you’re seeking professional advice, remember to contact a tax expert or utilize reputable tax prep software before making any decisions about your return.

Best 2023 TurboTax Coupons Available Now

TurboTax is all about helping you get the most out of your tax return while minimizing the out-of-pocket costs that come with filing. Below are several ways to add to your savings:

• Before you file, take advantage of TurboTax’s free tax calculators and tools.
• Start filing your 2022 taxes for free by creating a TurboTax account or signing in.
• Refer a friend to TurboTax to get a $25 gift card. (Get up to $500 total with a referral limit of 20 friends.)
• Get $500 off TurboTax’s Full Service Business offering.

How Do I Set Up a New TurboTax Account?

Before you fall down the tax filing rabbit hole, you’ll need to set up a TurboTax account. Here’s how:

1. Head over to the signup page for new accounts.
2. Enter and confirm your email address.
3. Create a user ID and password, and add your phone number.
4. Click on “Create account" and choose your products or try out services for free.
5. Gain access to manage all Intuit services, including QuickBooks and Mint.

5 Tax Filing Tips to Save Money Using TurboTax

1. Start Early

Begin your tax prep now to avoid mistakes and identify any deductions or credits you might qualify for. You may want to take some extra time to determine your filing status. For example, some married couples could actually be entitled to a larger refund if they file separately, especially if they incurred large medical expenses during 2022. You’ll also need time to consider whether you’re better off itemizing or choosing the standard deduction. Luckily, you can get reliable advice by connecting with a TurboTax expert as you do your taxes.

2. Take Advantage of Credits and Deductions

Tax credits and deductions work in different ways to lessen your tax burden. In a nutshell, tax credits limit your tax liability (how much you owe the IRS). Some credits are even refundable, meaning you’ll receive the full amount even if it exceeds your total liability.

Here are some common tax credits to be aware of:

• Earned Income Tax Credit
• Child Tax Credit
• Child and Dependent Care Credit
• Adoption Credit
• Electric Vehicle Tax Credit
• Lifetime Learning Credit

Tax deductions reduce your taxable income. Generally speaking, lowering your taxable income lowers the amount of money you pay in taxes. Popular deductions include:

• Student loan payments
• Capital losses
• Charitable donations
• Business expenses
• Medical expenses
• Home office expenses
• Mortgage interest

If you think your eligible deductions exceed this year’s standard deduction for joint filers and single filers, you might want to think about itemizing. Otherwise, the TurboTax Free Edition is likely the perfect service for you. The TurboTax Free Edition is geared toward anyone who has W-2 income and limited interest/dividend income and plans to claim the standard deduction. It also covers student loan interest deductions, the Earned Income Tax Credit (EITC), and child tax credits.

3. Save With TurboTax’s Deluxe Service

If your taxes are more on the complicated side (itemized deductions, rental property income, stock sales, business income, etc.), consider upgrading to TurboTax Deluxe. In addition to guiding you through the unique circumstances of your return, TurboTax will search over 350 deductions and credits to help maximize your refund. You could potentially save more with their Maximum Refund Guarantee, where they’ll match any other tax preparation method you used that resulted in a larger refund or smaller tax due. Homeowners can also benefit from TurboTax Deluxe, with thorough advice regarding mortgage interest, property taxes, and much more.

4. Contribute to Your IRA (or Open an Account)

Making an IRA contribution during tax season can be beneficial in a couple of ways. First, you’ll be proactively setting money aside for your retirement, and second, you can deduct up to $6,000 to reduce your taxable income. (Taxpayers who are at least 50 years old can actually deduct up to $7,000.) You can even make contributions for 2022 all the way up to Tax Day on April 18, 2023. Additionally, you may be eligible for the Retirement Savings Contributions Credit.

Don’t have an IRA? Don’t worry. There are other ways to plan for retirement while reducing your taxable income, like contributing to a health savings account (HSA) or 401(k).

5. Use TurboTax Live to Chat With an Expert

TurboTax does its best to limit the guesswork for you. Still, there may be moments when you’d like the reassurance that comes with speaking to a certified expert in real time. TurboTax Live delivers that experience without your having to visit and pay for a CPA. Set up an online chat with an expert, or schedule a one-way video call at your convenience. You can also have an expert review your tax return to make sure all your questions are answered. As always, TurboTax Live, along with their entire suite of services, is backed by TurboTax’s 100% Accurate Calculations Guarantee. That means they’ll cover any penalties from the IRA that are caused by TurboTax calculation errors. How’s that for peace of mind?