It’s that time of year again! Tax season is upon us and while it may not be the most exciting time of year, filing your taxes early can help you save money and hassle. Here are five reasons why you should make sure to file your taxes as soon as possible.
Get Your Refund Sooner Than Later.
Although you will not get your refund until after February 15th if you are claiming the Earned Income Credit or the Additional Child Tax Credit, the sooner you file your taxes, the sooner you will get your refund. That extra money can come in handy for those big purchases or just for saving up for a rainy day fund.
Minimize Your Tax Identity Fraud Risk.
As tax identity theft has become more and more common, filing early is a great way to protect yourself from falling victim to this type of fraud. Identity thieves typically try to file a return before you do, in order to steal the money that should be coming to you as a refund. By getting a jump on them and filing early, you can greatly reduce this risk.
Avoid A Dependent Dispute.
Another reason an e-filed return might get rejected is if you submit a dependent’s Social Security number that someone else has already used. If this happens, it can cause huge delays in processing your return and possibly even require further documentation from both parties involved. To avoid this unnecessary headache, it’s best to file as early as possible so there’s no chance of another person submitting the same dependent information first.
Beat The Rush.
If you are buying a house or need to show proof of income for any other reason, filing early can ensure that everything is taken care of well before any deadlines come around. This could mean the difference between getting approved or having to wait another year before being eligible for additional financing or assistance programs due to lack of proper paperwork being filed on time.
Save Money On Late Fees & Interest Charges.
The worst part about waiting until April 15th (or beyond!) to file your taxes is having late fees and interest charges added on top of what you owe Uncle Sam already. The longer you wait, the more these additional costs add up – so why not just go ahead and file now? Not only will it save you some extra cash in the long run but also help keep more money in YOUR pocket this tax season instead!
Filing your taxes doesn't have to be complicated or stressful when done correctly and on time! Keeping all receipts safe throughout the year is essential so documents are readily available for easy reference when needed. With these five reasons in mind, filing early could help provide peace of mind knowing that everything is taken care of accordingly - and quickly - so there's one less thing off your plate during an already hectic time! Let Us Help make tax season easy with Quick Easy and Free Tax Return Estimates..Sign Up Below!