Several people put off filing their taxes until the end of tax season. Whether they are taking more time to organize, trying to find the documents they need, or just simply procrastinating, waiting until the last minute is not exactly what we’d recommend. E-file officially opens January 23, and filing sooner rather than later will help free you from unwanted tax-time stress. We’ll have you filing in no time with these smart reasons to start now!
Avoid tax fraud
Filing your tax return as early as possible helps to avoid giving identity thieves the opportunity to file before you do. The IRS will reject tax returns filed under the same social security number and they will not be able to use your identity. If a thief has stolen your information, the transaction can be easier to identify if you file early, and catching the thief will be easier as well.
Get a faster refund
If you’re looking to get a refund, filing taxes early can mean money in your hands sooner. This can allow you to bump up savings, plan that dream vacation or pay back student loans. You won’t be stressing later in the season about the status of your refund, like many late season filers do.
Know what you owe
Filing early will inform you of your tax liability and how high your tax bill will be ahead of time. Knowing exactly how much you owe in both state and federal taxes will give you more time to save money or reorganize your finances before your balance is due.
Tax time can be stressful, especially for those who are new to filing. With proper planning, you can take the stress out of tax time. To make for a smooth and simple tax experience, make sure you have everything you need and have your tax documents organized and ready.
Starting early gives you more time to be thorough, check for mistakes, and get help from support if needed. If you wait until the last minute, you may be scrambling for a lost document or overlook an important deduction.
We’ll continue posting important tax news through The Daily Deduction blog. Follow us on Facebook and Twitter to have this info delivered to your timeline and newsfeed. As always, comments are welcome!