17 Jan 5 Reasons to File Taxes Early
Posted at 12:00h in Tax Tips
It’s that time of year where your W-2s show up in the mail. Many Americans see them and think to themselves, “The deadline isn’t until April. I have time!” However, millions of Americans wait until the last week to get their returns filed, which means a lot of stress on tax preparers, filers, and the IRS.
This year, the IRS will begin accepting returns on January 27. That gives you just over two months to file your returns. While you have a lot of time to get that finished, filing as soon as possible is much more beneficial than waiting until the last minute. We can give you 5 reasons to file taxes early.
- Get a Larger Refund – It’s not uncommon to get a larger refund the earlier you file your taxes. On average, Americans who filed earlier got back an extra $400. Part of the benefit here is that there’s plenty of time to ensure all your information is correct if you file early. Furthermore, you have the time to take all the deductions that you’re due. Of course, if you owe the IRS money, that’s a different story.
- Less Stress on Your Shoulders – The closer you get to a deadline, the more stress there is to ensure you get everything done correctly. The same is true of filing taxes. However, if you file taxes early, then you not only eliminate that stress, but you’re less likely to make mistakes. You can also properly crunch numbers when your mind is at ease.
- Reduce the Chance of Theft – There are some people who try to steal the identity of others and claim tax returns that aren’t theirs. By filing early, you rob those thieves of the chance to steal your identity. After all, if you’ve already filed your return, then the IRS knows that the next one is a fake.
- Extra Time to Pay A Tax Bill – Some people get refunds. Some people owe the IRS. That’s the way it works, unfortunately. Those who owe are even worse off when they file at the last minute. The earlier you file, then the more time you have to prepare your finances to pay the IRS. You could always file an extension if necessary, but that takes extra time and paperwork.
- Get Your Refund Sooner – Obviously, it’s nice when you have a refund to look forward to. You’ll enjoy it a lot sooner, though, if you file your taxes early. Many plan vacations or to a “treat yourself” day when they receive their tax refunds, so better to get that earlier in the year instead of waiting until spring.
Need help filing your taxes this year? Give us a call at 614-524-4888 to schedule a free consultation!