Reasons to file your taxes as early as possible
The deadline to file your taxes usually falls on April 15th, 2017. This year, taxpayers will have a few extra days to file, because the 15th falls on a Saturday. This will then extend the deadline to file on Monday, April 17th. With that said, you shouldn’t wait until the very last date to file your taxes. Tax season actually begins much earlier than April— this year it began on January 23rd, which is the first day you could electronically submit to the IRS. There are many advantages to filing your taxes early.
One of the best reasons to file your taxes early is to reduce the stress of having to rush while preparing them. Most people don’t enjoy having to do their taxes and doing them under a huge time crunch dramatically increases tax stress. With very little time to prepare, people are more likely to make mistakes, miss important deductions, and have trouble gathering their important documents. Preparing your taxes early gives you the time and breathing room you might need to do more research or get a replacement of a missing document.
More Time to Pay
If you find you owe more taxes than you expected, you’ll want to know as soon as possible. Preparing your taxes early can give you some time to get your payment in order. You do not want to find that you owe more than you can pay on the day of the deadline as there are absolutely no extensions on tax payment. Extensions are available for filing but that only extends the filing date, actual payment for taxes are due 4/17/17. Payment after is considered late and thus the IRS will assess late payment penalties. Avoid paying fees by preparing early.
Adapt to New Tax Laws
Tax law goes through changes every year. And, if you’re not an accountant or tax professional, it’s likely that you don’t already know what these changes are. Give yourself (or your tax preparer) time to adapt to these new laws and make sure you’re filing correctly.
Get Your Refund Earlier
For many people, this is the most enticing reason to file taxes early. The earlier you file, the earlier the IRS can send your tax refund. If you want your return as quickly as possible, you should also be sure that you file electronically and that you use direct deposit as your payment option.
Protect Yourself from Identity Theft
Unfortunately, one of the ways that criminals commit identity theft is through fraudulent tax returns. They illegally file another person’s taxes in order to pocket their tax refund. But you can protect yourself from this by beating any potential identity thief to the punch and filing early.
So there you have it– the five reasons you should file your taxes as early as possible. Tax season can feel overwhelming for many people, so take the time file early to reduce your stress as much as possible. If the thought of filing your taxes on your own is overwhelming, contact a Vanguard Tax expert today. We can file your taxes for you and make sure you get your possible best return. Remember to contact us as early as you can to get all the advantages of filing early, including getting your tax refund back as quickly as possible.