Tax Tips From TurboTax

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Published January 16, 2013

| FOXBusiness

Taxpayers should file their returns now even if the Internal Revenue Service isn’t accepting them until Jan. 30th, a Turbo Tax Vice President said in interview on the FOX Business Network Wednesday.

“By filing now, you’re first in line to get your refund when the IRS does open its doors,” said Bob Meighan of TurboTax.

The IRS pushed back the start of tax season by eight days to incorporate the changes from the tax deal Congress passed on Jan. 1. The majority of those changes won’t impact taxpayers this year, with the exception of delayed refunds, Meighan said. He recommends people file electronically and choose direct deposit for faster refunds.

“Most people filing in January and February are getting a refund. Selecting direct deposit means the refund goes directly into your bank account and you’ll have it a few days earlier,” he said.

Meighan expects more filers to use their mobile devices to prepare tax returns this year. Turbo Tax’s SnapTax application -- in its third year -- lets people snap a photo of their W-2 and file a return in 5 to 10 minutes.

“It’s amazing,” Meighan said. “People are skeptical when you say you can do your return on an iPhone or tablet. It’s very possible today given the technology on the phone.”

Shares of TurboTax parent Intuit (INTU) hit an all-time high Wednesday. The Mountain View, California-based company closed at $62.95, down about 0.2%, but reached $63.39 intraday.

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