Blogs

Rich Preece, TurboTax Consumer Tax Advocate, recently released a new video (https://www.youtube.com/watch?v=5r1jfMax-wU) offering tax-filing tips for tax procrastinators easily and accurately file their tax return before the deadline but also to ensure they get the biggest possible refund on their taxes. 

With April 18^th just a few weeks away, it’s time for all those tax procrastinators who haven’t filed to start gathering together their tax documents.  Just because you have waited until the last minute to file doesn’t mean that you have to leave money on the table. Up till the 11^th hour, taxpayers can take steps to be sure to maximize their refund.

Go online where you can prepare your tax return:

• File your tax return electronically.
• Have your tax return deposited directly.
• If you can’t make the April 18th deadline, file for an extension. 

This year’s ranking Top 10 Tax Procrastinating Cities, compiled for 10 years by Intuit Inc. (Nasdaq: INTU), the maker of TurboTaxâ tax software products, shows no changes in the top four cities that are among the last to file federal tax returns. Chicago, New York and Austin, Texas trail Houston in the rankings. San Antonio nudged its way into the top tier for the first time since 2008, giving the Lone Star State three of the first five spots. The TurboTax Blog contains an interactive map of this year’s top procrastinators.

People in these cities aren’t alone in their tendency to wait till the last minute.  TurboTax estimates 27 percent of taxpayers wait until the last two weeks of tax season to file their taxes. This year, there’s even more good news for tax procrastinators, an extra three days to file, with the federal tax deadline moving from April 15 to April 18.

The full list of this year’s late-filing cities, with last year’s ranking in parenthesis, is as follows:

1.     Houston – (No. 1): Houston, we have a problem!  Locals landed in the top spot in five of the last 10 years.   

2.     Chicago – (No. 2): Windy City residents are unable to move from No. 2 for the second year running, possibly due to food comas induced by all the deep dish pizza-eating.

3.     New York – (No. 3): For the third year running in the No. 3 spot, New Yorkers in the City that Never Sleeps take a nap until tax time.

4.     Austin, Texas – (No. 4): Busy Austinites, so burned out from festival-hopping, put off their tax duties – landing in the top five again.

5.     San Antonio – (No. NA): It seems one of the biggest military centers in the U.S. needs more soldierly discipline this time around, popping into the top 10 for the first time since 2008!

6.     San Francisco – (No. 5): Known as innovators for all things tech, San Franciscans are doing their taxes only a bit quicker, moving down one spot from No. 5 despite their connected reputations. 

7.     Seattle – (No. 6): It looks like all that rain is washing out more than mail routes for 7th place Washingtonians. Despite their commitment to java hot spots, filing taxes online before the tax deadline clearly isn’t a top priority.

8.     San Diego – (No. 7): When you’re wearing sunglasses 24/7, it’s hard to even see your taxes, let alone file them. San Diegans file just a bit faster due to peer pressure this year with TurboTax headquarters right down the street.

9.     Los Angeles – (No. 8): Starving actors hanging out in this town are too busy looking for some nosh. It’s no wonder they dread filing their taxes!

10.  Dallas – (No. 9): They say cowboys ride alone, but Texans managed to lasso in four cities on this list -- including No. 10, Dallas.

Dropping off the top 10 list this year: Las Vegas

The list is determined by the number of tax returns electronically filed via the TurboTax Online service between April 14 - 17, 2010.

To view the video interview with Rich Preece from TurboTax please visit https://www.youtube.com/watch?v=5r1jfMax-wU. 

Rich Preece is Consumer Tax Advocate at TurboTax, the nation’s leading tax software.  Rich Preece provides consumer tips and advice to help Americans prepare and file their own taxes easily and accurately. Preece has contributed to local and national print and online publications, including PC Magazine and USA Today as well as local and national radio and TV broadcast segments such as Fox Business.

It’s never too early to start thinking about taxes, especially when tax moves you make right now could save you cash in the New Year. To help taxpayers gain a better understanding of tax savvy moves to make before Dec. 31, 2010, Bob Meighan, CPA and VP of TurboTax, recently released a new video (To learn more about maximizing your refund for 2010, view Bob Meighan’s video here: https://www.youtube.com/watch?v=eomiSFIRo0U) providing tips for taking advantage of end-of-year tax deductions and credits.

According to tax expert, Bob Meighan, the following are smart tax moves taxpayers can make before year’s end to maximize their refunds:

• Invest in making your home more energy efficient – Spend money to insulate your home, replace drafty windows, replace creaky old furnaces and water heaters or install residential solar, wind turbine systems or geothermal heat pumps to slash your energy bill now and increase your refund at tax time. You could be eligible for up to $1500 federal tax credits for investing in these energy savings.

• Give back - Donating to qualified charities helps those in need and can increase your tax refund. Obviously you can get a tax write-off for cash contributions, but don’t overlook donations like clothing, furniture, toys and bikes. Even the miles driven to and from volunteering can be deductible. Remember to keep receipts and documentation for all donations. There are free ways to find out how much your items are worth: visit ItsDeductible.com. Keep track of donated items here so it’s easier come tax time. Visit IRS.gov to make sure your chosen charity qualifies.

• Invest in your retirement plan – Investing in your 401k or IRA can increase your tax refund and fund a more comfortable retirement nest egg – tax free. Contributing to retirement accounts before the end of the year will decrease taxable income, boosting this year’s refund.

• Use tax software or go online – Despite pending tax law changes, taxpayers using tax software or going online can be confident that tax software will be updated when they are ready to file. Also, most of the pending tax legislation applies to 2011 and beyond. Very few of the pending tax bills affect one's 2010 tax return.

• Ask questions - If you have questions on deductions and credits, there is still time to get free answers to your questions. Visit freetaxquestion.com to have a tax expert call you back with a free answer between now and the end of January 2011.

Bob Meighan, CPA and VP of TurboTax, is the past chairman and current member of the Electronic Tax Administration Advisory Committee. He joined Intuit in September 1991 and served most recently as vice president and general manager of the consumer tax group. Prior to joining Intuit, Mr. Meighan spent 11 years with the 'Big 6' accounting and consulting firm, Price Waterhouse, where he served as a senior manager in the advanced technology group. Because of his extensive tax knowledge, Meighan has been featured on ABC News, Fox, CNBC, CNN, Bloomberg Radio, and countless local and national television and radio programs, as well as contributing tax tips and information to the Wall Street Journal and New York Times.

To learn more about maximizing your refund for 2010, view Bob Meighan’s video here: https://www.youtube.com/watch?v=eomiSFIRo0U.