(BPT) - April 15 is quickly approaching, so it's essential to prepare to file your taxes as soon as possible. While it's human nature to procrastinate, there are definite benefits to starting now.
One of them is refunds. Last year's average tax refund was over $3,000, making it the largest check many Americans receive all year. With rising costs putting the squeeze on your budget, there's no reason to delay receiving your refund. According to a new study conducted by Qualtrics on behalf of Intuit TurboTax, a majority of Americans (69%) say they expect to receive a tax refund this year, and most of those respondents (70%) say they use their refund to cover basic living expenses, like paying rent and paying bills. And due to new tax laws, filers are expected to see an up to $1,000 increase in their refund, providing plenty of motivation to start now.
People who file late and rush to make the deadline may leave out important information — like W-2 and 1099 forms that report your income, or receipts or forms that could provide valuable deductions.
"Many people procrastinate because they don't know where to start or from fear they may owe," said CPA and tax expert with TurboTax Lisa Greene-Lewis. "Don't let the thought of gathering documents or of owing keep you from getting started as soon as possible. By the time you get all the deductions and credits available, you may not owe anything. Plus TurboTax is here to help you."
Having trouble getting started? The experts at TurboTax offer these tips.
Get your docs lined up
Start gathering documents that report your income, like W-2s and 1099s. If you can't find documents, ask your employer(s) — it's probably easier than you think to access copies online. Then collect forms or receipts related to deductions and credits you can claim. With TurboTax you can automatically import your information directly from hundreds of payroll providers and financial institutions.
Decide how to file
Whether you want to DIY, have someone help you along the way, or have an expert fully do your taxes for you virtually or in person, TurboTax can help you. When you DIY with TurboTax, you're easily guided through your taxes, and TurboTax AI agents can assist you from the start — whether by helping you figure out what docs to gather (one of the main reasons people procrastinate), to automating data entry for over 92% of the tax forms, eliminating manual entry. You can also jump-start your return by snapping photos of your W-2s and 1099s, and the information will automatically transfer to the right forms.
If you want someone to do your taxes for you, contact one of the 13,000 tax experts with an average of 13 years of experience at TurboTax, whether virtually or in person at one of TurboTax's 20 local retail locations or 600 service centers. If you're new to TurboTax Full Service, you can have a Full Service tax expert prepare your taxes for a flat $150 through March 31, regardless of complexity, even if you're self-employed or an investor. If you use TurboTax Expert Full Service, you can talk to a tax expert year-round if you have questions that come up.
Meet the deadline
Doing taxes yourself? Use TurboTax online and e-file with direct deposit, the fastest way to get your refund. The IRS expects to issue refunds within 21 days or less of acceptance of your return.
Running behind? With TurboTax, you can file up until 11:59 p.m. on April 15 and still make the deadline.
Maximize your refund
Make sure you take advantage of new deductions and credits you could be eligible for, including:
- Deduction for qualified tips up to $25,000
- Deduction for qualified overtime up to $12,500 ($25,000 for married filing jointly)
- Child Tax Credit up to $2,200 for each child under 17
- Increased SALT (State and Local Tax) cap of $40,000, especially if you have high state and local taxes and property taxes
- $6,000 deduction for seniors 65 and over
- Deduction for auto loan interest up to $10,000
Don't forget the most frequently missed credits:
- Earned Income Tax Credit (up to $8,046 for a family with three kids)
- Retirement Savers Credit (up to $1,000 single and up to $2,000 married filing jointly)
The IRS reports that 1 out of 5 people miss these credits every year.
Additionally, for those who are self-employed, a business tax expert can also help you navigate the new tax code to maximize deductions and save you money.
File even if you made under the threshold
Every year, the IRS reports over a billion dollars in unclaimed refunds due to people not filing, the majority being students and others who make under the IRS income threshold. If you earned under $15,750 single ($31,500 married filing jointly) this year, you could receive a refund. If you had federal taxes withheld or are eligible for a refundable credit like the Earned Income Tax Credit, you should file so you don't leave any money on the table.
Benefit from IRA contributions
Have an IRA? You can make a 2025 IRA contribution up to $7,000 ($8,000 for those 50 and over) by April 15 of 2026 and you may be able to deduct the contribution on your 2025 taxes. Make sure to tell the plan administrator the contribution is for tax year 2025.
How to get an extension
Missing important information? You can file an extension with TurboTax or by filling out IRS Form 4868. But remember: This is an extension to file and not an extension to pay if you owe taxes.
How to handle payments
If you owe money to the IRS, pay as much as you can when you file. Then you can contact the IRS for an Installment Agreement, which allows you to pay what you owe over six years.
Safeguard your information
Never share sensitive information with new general public LLMs (Large Language Models) popping up like chatbots or AI searches. TurboTax is built specifically for tax preparation and is designed for accuracy, compliance, reliability and security. TurboTax is also certified by the IRS to prepare and e-file tax returns. Also, don't share your information with anyone posing as the IRS via phone, email or text. The IRS will only reach out via mailed correspondence.
Learn more and get started at TurboTax.com.
