The average federal tax refund is $2,707. No matter what amount of money you typically receive back from the IRS, TaxAct may be able to increase your refund by over $200 for next year. How? Through My Tax Plan.
It’s simple to get started, and you may even be able to access this service for free depending on your filing status.
Here’s how to begin.
How to Access My Tax Plan
The first step for taking advantage of My Tax Plan is to file your taxes with TaxAct. You can file on your own or file with Xpert Help online.
Simple filers with dependents, college expenses, and retirement income can file for free. There’s also a deluxe plan for homeowners, deductions, credits, and adjustments, a premier plan for investments and the sale of a home and rental property, or self-employed for freelancers, contractors, and small business owners. The Xpert Help options range from $65 to $159.95 depending on your situation.
When you file on your own, you’ll have prior tax year import options, unlimited account support, Pro Tips during filing, and a personalized My Tax Plan, and with Xpert Help, you can ask questions about maximizing a credit or deduction, claiming unemployment income, freelance and contract income, a qualifying dependent, and stimulus payments.
Once your taxes are filed, then My Tax Plan will kick in.
How My Tax Plan Works
After you file, you will see a custom My Tax Plan. It will show you ways in which your can boost your refund on next year’s return along with easy-to-follow instructions for going about this process. You’ll also receive quick tips to keep you on track for a bigger refund.
TaxAct’s Deduction Maximizer tool will guide you through your tax filing process step by step and show you additional tax advantages. There are so many deductions and tax credits you may not be aware of that could save you big money on your return as well as increase your refund.
My Tax Plan will analyze your specific return and then make suggestions so that you don’t have to spend energy and time researching all the possible deductions and credits you can take. For example, did you know that if you’re self-employed, you can deduct one-half of your self-employment tax, which is 15.3%, from your net income? Additionally, you can deduct things like your home office, car mileage and expenses, meals, travel, interest on business loans, and much, much more.
Our $100k Accuracy Guarantee
When you use TaxAct to file your taxes, you’re covered by a $100k Accuracy Guarantee. The software is guaranteed to be 100% accurate and get you the maximum refund. If there’s any chance that it isn’t, then TaxAct will refund your software costs as well as pay any difference in your lower refund or higher tax liability. It will also cover any legal or audit costs up to $100,000.
Getting Started With My Tax Plan
If you want to make the most of your tax return this year and get a larger refund for next year, then make sure you file with TaxAct and use My Tax Plan. Then, you’ll actually look forward to tax time in the future.