And the turn-around time to get your refund is pretty fast: The IRS issues 9 out of 10 refunds in less than 21 days after a return is filed.
Tax Day 2018 is nearly here.
"It's important to file on time because you get all the credits that you are due in a timely manner", said Viruet.
The deadline to complete those taxes is right around the corner, as you have to have them submitted by April 17, but before then Michelle Tabler with the Better Business Bureau joined KTVA's Daybreak to discuss some last minute scams, and how to avoid them.
Santa Barbara County residents and businesses qualify for a tax-filing extension from the Internal Revenue Service (IRS). If you owe money to the taxman, you still have to make a well-educated estimate, fill out a form requesting an extension, and send the estimated amount you owe.
While our taxes are due on Tuesday, many CT and NY residents are sweating the tax day deadline, along with the thought of an audit. But you can do yourself a huge favor by aiming to get everything done at least a day or two in advance, Greene-Lewis said. For the 2015 tax filing year, the IRS indicated that only 802 people had included cryptocurrency gains or losses in their tax filings. This is especially helpful if you are on the margin between taking the standard deduction and itemizing, which could lower your tax liability. As of April 6, just more than 103 million had been filed.
Paying off debt is another priority when it comes to planned uses of tax refunds.
But you have to make quarterly tax payments using Form 1040-ES if you expect to owe more than $1,000. "You can reduce additional interest and penalties by maying as much as you can with your tax return".
While many Americans enjoy getting a tax refund, others would rather have access to that money throughout the year.