About a third of Americans wait till the last two weeks of the deadline to file their taxes. If you’re one of the procrastinators, you may want to change things up this year and file early. Here are six reasons why it pays to file your tax returns early:
- Quicker Refunds
Since most people wait to file, the IRS gets bogged down the closer you get to April 15 and it takes longer to process the returns and issue refunds. So, it literally pays to file early if you are expecting a refund. E-filing will get your return to the IRS that much sooner, so think about filing electronically if you usually don’t.
- More Time to Pay
It may seem counter-intuitive, but since you technically have till the tax deadline to pay what you owe the IRS, it might make sense for you to file early. That way you’ll know just how much you’ll owe, and you have extra time to gather the funds.
- Financial Information
If you’re buying a home or getting a student loan in the near future, you may want to file early. Many loan applications ask for your recent tax returns to prove household income. If you file now, you won’t have to delay that loan application.
- Prevent Extensions
If you are a procrastinator, you’re probably familiar with filing an extension come tax time. Many of us wait till the last minute to gather the documents and receipts we need to file and end up needing an extension. This year, why not do this all now and file on time or, better yet, early?
- Beat Identity Theft
The closer we get to April 15, the more fraudsters come out of the woodwork with their IRS/tax scams. The sooner you file, the less time scammers have to file a tax return in your name. Click here to learn more about IRS scams.
- Access to Preparers
Sometimes you need to use a CPA or tax preparer to help you file. If that’s the case, you’ll want to make your appointment ASAP. The closer we get to the filing deadline, the busier their schedules get. Filing early will help ensure you get an appointment.
WWFCU has an early and affordable way to get your taxes filed sooner thanks to our TurboTax Discount. TurboTax makes it easy to file and get the largest refund guaranteed. Click here to learn more.