File Your Taxes Early
Tax Season has just begun. That means, you still have plenty of time to organize everything you need if you still haven’t, and look for opportunities to lower your tax bill and get refunds. But does that also mean you have to procrastinate?
We strongly discourage filing your taxes late, or waiting until the deadline is near. And here are some reasons why you should file your taxes early:
Early Tax Refunds
The IRS generally issues refunds 3 weeks after you submit your returns. So if you can submit them today, that means you can have your refund by February, and not April or May. Ideally, you can use electronic filing to submit your returns immediately instead of paper returns which may take weeks to be processed.
Gather Financial Information
When it comes to gaining your financial information when you’re applying for a loan or anything that might require it, being ready with your completed tax return or Form 1040 is the way to go. This can be done, of course, by filing your returns early.
Increased Accuracy
When filing your taxes, you may notice a few errors or lack of information needed to complete it. If you start doing it early, you still have time to fix the problem. If you start to fix your returns late, however, you may be caught off-guard and time may not be on your side to fix the issue.
Prevent Identity Theft
Fraudsters are usually very diligent in filing tax returns – their victims’ tax returns, that is. Once they have your SSN, it would be easy for them to file your taxes, and get YOUR refund. Fraudsters usually file the returns early and well before the SSN owner plans to. Prevent this from happening by filing your returns immediately and don’t give them the chance to rob you.
Filing tax returns can be tedious, but it will all be worth it once you get everything sorted out. You’ll have a peace of mind while others are still scrambling to fix theirs. If you can’t, we are always ready to lend a helping hand and assist you with filing your taxes accurately, efficiently, and quickly. Call us today to get help!
Read more great tips like these on my CPA blog.
Photo courtesy of Arvind Balaraman at freedigitalphotos.net
Trackback URL: https://paramountbusinessadvisors.com/index.php/2016/01/20/file-your-taxes-early/trackback/
