Reasons to File Your Taxes Early

Filing your tax return is never a fun experience. You want to get it done early or even on time, but you also don’t want to see that big tax bill at the end of the year. Most people, especially those who feel that their tax bill is going to be big, will wait until the last minute in the hopes of being able to save up a little bit and pay it all back. But there are some benefits to filing your tax return early and it may be worth your time to consider them.

While most people wait around until the last minute to do their tax return, it is always much better to file it all at once and get it done with. Think of how much less stress you will need to deal with and how much nicer it can be to get in that refund check a bit earlier. If you are considering filing your taxes early, make sure to talk to a tax professional in your area right away.

Get Peace of Mind

Sometimes, people will wait to work on their tax returns because of a potential tax bill. They may find out that they owe money this year and they want to take another month or so to save up some of this money ready before submitting. But it is always best to file your tax return as early as possible. First, it gives you some peace of mind. You won’t have the issue of a tax bill looming over your head for a long time and you can just get it all done and over with. Plus, when you file early, you can avoid some of the issues with identity theft that can be common for those who wait too long to file.

If you are worried about doing your taxes early because you aren’t sure you will be able to afford the tax bill, make sure to visit a tax professional about your tax return. They will be able to go over the tax information, discuss some of your options. There are a lot of deductions and credits that you can qualify for that can actually reduce or eliminate your tax bill, saving you a lot of money even if you file early. Contact your tax professional to get started right away.

Get That Refund

If you are expecting to get a refund back at the end of tax season, why not submit the information as soon as possible? You could use that money for helping to pay back some bills, to go on a fun vacation, or some other item that would make life easier. While you are more than welcome to wait, isn’t it much better to get that money back from the IRS as soon as possible rather than letting them hold onto it?

A tax professional will be able to work with you to determine the best way to file your tax return and get the most money back. Even if you are not expecting a refund, a tax professional will be able to work with you to find the best deductions and credits that apply to your unique situation. There are many people who have come into our offices worried about a big tax bill who later leave without owing any money at all and some who have even gotten a refund because of the money saving tactics that we work on with them.

Lower Risk of  Identity Theft

One big risk that you could be dealing with when you file your taxes a bit later is identity theft. This is a real problem that is growing. If someone gets ahold of your social security number, they may try to file a return under your name. They will put in their own information, usually information that is false but will bring in a lot of money, before submitting the return and waiting for that refund to come.

Sometimes the IRS will be able to catch this right away. When you work for an employer, they are going to send in some information about the hours you worked and the pay and so on. If the fake tax return doesn’t match up to this at all, the IRS will send up a red flag and ask you to verify your identity before they allow either yours or the fake tax return to go through. This makes it harder for the identity thief to get this money back.

But in some cases, the IRS is not able to catch these culprits right away. The culprit may be able to put in some information that seems pretty legitimate. They will allow the refund to go through but when you file, you are going to end up with a mess that you need some help with and will need to work with the IRS for some time to give them the help that you need.

Filing your tax return early can be one of the best things that you do this tax season. You can get it done and over with in just a few minutes and even avoid the mad dash run to the finish line that most people head to when they are running out of time. Make sure to contact our offices today to get started on that tax return.