Tax time can send many people for a spin. This stressful season is full of warnings and reminders, urging you to take care of your filing quickly and efficiently. Everyone has a different idea of what method is best when it comes to tax filing, and many sources promote myths that might send you in the wrong direction. Don’t fall victim to these fallacies. Filing your taxes can be quick, simple, and profitable.
You may have heard that you must use an accountant if you want to receive a full refund. While 22 percent of filers in 2015 did go this route, even more used computer software. Thirty-seven percent of filers went the software route, taking advantage of the intuitive and affordable features available with this option. With online tax services, you can even file your taxes on your iPhone 6S Plus. The A9 chip and large Retina display make it fast and easy.
Wondering what you’ll get back? In 2014, 57 percent of filers got at least $1,000, and 13 percent received $5,000 or more. The average tax refund in 2015 was $2,815. Popular myths will tell you that you’re likely to see this money slip right through your fingers before you really take advantage of it. This is another major fallacy. Thirty percent of people will use their refund to pay down debt, and 28 percent will save or invest it. Just 7 percent of people will splurge with their refund.
Don’t let myths about taxes scare you. Check out the facts below, and you’ll find you can file easily in a few quick steps and have that refund on hand to start padding your budget in no time.