(BPT) - Tax season is officially underway, and significant tax law changes are leaving many taxpayers with questions about how the updates may affect their returns. With new rules now in effect, filers are seeking clarity on what has changed, what still applies, how those updates could impact refunds or balances due and the best ways to file.
A recent TurboTax survey highlights that uncertainty. Two in five Americans say they have little to no understanding of the latest tax legislation, and more than three in five expect this filing season to feel more chaotic than in years past. Despite those concerns, many filers may see up to a $1,000 increase in their refund or a lower balance due.
Experts say filing early can help tax filers avoid leaving something important out, allows time to seek help if questions arise, helps reduce last-minute stress, and gets you closer to your refund. While other services charge for state filing when using their free options, TurboTax is making filing more accessible with several free options. Filers with simple form 1040 forms only are eligible to file both federal and state returns at no cost with TurboTax Free Edition. About 37% of filers qualify. New TurboTax customers can also file federal and state taxes for free regardless of complexity using the TurboTax mobile app through February 28.
Lisa Greene-Lewis, a certified public accountant and tax expert with Intuit TurboTax, shares how tax law changes affecting individual situations are especially important this year. She notes that those who want additional help from an expert and did not use TurboTax Full Service last year can have a TurboTax expert prepare their taxes for up to a flat $150, regardless of complexity, through February 28. More information about preparing for tax season and available filing options is available at TurboTax.com.
