5 Good Reasons Why You Should File Your Taxes Early
Whether you are someone who usually procrastinates or if you are someone who usually gets things done early, taxes are one of those things with a true deadline and consequences (usually financial) if you are late. There is a very strong argument for getting your taxes filed early. Take a look at these 5 compelling reasons for postmarking your return BEFORE April 15th this year!
1. It’s YOUR Money
If you are expecting a refund, you should submit your taxes just as soon as possible. The refund you will receive is actually an excess of money that the IRS has collected from you throughout the year. You have overpaid them all year, and you are entitled to getting some of that money back…and the sooner, the better. No need to let it sit with the IRS, you probably have many things that you can do with that money! Also, the earlier you file, the shorter the wait time is for your refund.
2. Thwarting Identity Theft
Over the last decade, the IRS has seen a dramatic rise in identity theft. Many people try to file a fake return, pretending to be someone who may be receiving a return with the intent of stealing the refund. If you file early, you can get your refund early and save yourself the headache and stress if someone else tries to go after your identity. Another strategy to combat someone trying to take your refund is to have it direct deposited into your bank account (rather than having it sent to your mailbox).
3. More Time to Correct Errors
If you prepare your taxes early with the intention of also filing early, you leave yourself plenty of time if you realize that you are missing a piece of information, make an error or need to seek the help of a professional. With time on your side, you can get any problem resolved with minimal stress.
4. More Time to Plan If You Owe
While there is no benefit to you in paying the IRS early (except that you won’t have that hanging over your head), there are plenty of reasons to complete your return early. If you do owe money this year, you will have more time to come up with a plan to pay and to pay on time so that you do not end up owing even more.
5. Give Your Tax Professional Enough Time to Help You
If you get started on your tax return early and partner with a tax professional, you give them plenty of time to focus on getting you more deductions and saving you a little extra money. Heading to a tax firm a few days before the April deadline only puts you in line with others who are working at the last minute. Your tax firm will only have time to do the basics and will not be able to talk to you about strategies for saving money.
If you have questions about your taxes or need help figuring out how to pay back what you owe to the IRS, give Success Tax Relief a call at (877) 958-6638. Our dedicated professionals are standing by now waiting to help you!