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Hidden Ways to Maximize Your Tax Refund and Find Lesser-Known Deductions and Credits

1. The IRS tax filing deadline is April 15, prompting immediate filing advice. 2. Many young adults are unaware of the looming tax deadline. 3. TurboTax offers services to help maximize tax refunds through deductions. 4. Important tax credits include Earned Income, Child Tax, and American Opportunity. 5. Standard deductions have increased, now at $14,600 for singles.

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Why Bullish?

Increased tax filing activity can boost TurboTax usage, benefiting Intuit financially. Historical trends show similar timing usually leads to revenue spikes for tax software companies.

How important is it?

The news directly relates to TurboTax, a major Intuit product, and its importance in upcoming tax filings.

Why Short Term?

The approaching tax deadline will lead to immediate usage increases, impacting revenue in Q2 2025.

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MOUNTAIN VIEW, Calif., April 02, 2025 (GLOBE NEWSWIRE) -- With the IRS tax filing deadline approaching on April 15, experts say you should file now. You can boost your refund with so many deductions and credits. A surprising number of people are unaware that the tax filing deadline is quickly approaching on April 15th. In fact, a recent survey powered by Harris QuestDIY revealed that more than half of 18–24 year olds and about one in three 25–34 year olds don’t know when the deadline is and there is no reason to wait to file. A Media Snippet accompanying this announcement is available by clicking on this link. If you’d prefer not to handle your taxes on your own, you can have a TurboTax Full Service expert do them for you. TurboTax can help find deductions and credits you might not know about, and are often overlooked. These deductions and credits can boost your tax refund - and result in more money in your pocket! Here’s a few deductions and credits you don’t want to miss: The Earned Income Tax Credit, which for a family with 3 kids is a substantial credit of up to $7,830 and can really help families. However, the IRS notes that one out of five people misses this credit when filing!Credits for your kids: If you’re a parent, don’t forget valuable credits for your kids like the Child Tax Credit up to $2,000, the Child and Dependent Care Credit up to $1,050 for one child and up to $2,100 for two or more kids. Day camps even count.Credits for college: If you paid for college for you child, yourself or your spouse, you may be able to claim the American Opportunity Tax Credit up to $2,500 for the first four years of college or the Lifetime Learning Credit up to $2,000 for even one college course.Credits for Energy Efficient Improvements: If you made energy efficient improvements to your home you can claim a credit of up to $1,200 for improvements like energy efficient doors and windows, up to $2,000 for solar water heaters, and up to 30% of the cost for solar panels.The Standard Deduction has been adjusted for inflation and is now $14,600 for single filers, $29,200 for those filing married filing jointly, and $21,900 for head of household. The tax deadline is rapidly approaching, so no matter if you want to DIY or have an expert do your taxes for you, don’t wait, file now with TurboTax.  TurboTax is a registered trademark of Intuit Inc. Learn more at: turbotax.com

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