If you’re like millions of Americans, you wait till mid-April to file your income tax return. But are there any benefits to filing then? Or is it better to file early? We break it down for you.
File Your Taxes Early
Honestly, there are more pros than cons to filing your taxes before the April 15thdeadline. Here are seven reasons to file your taxes early.
- Avoid Late Penalties
If you wait too long to do your taxes, you might get hit with a late-filing penalty from the Internal Revenue Service (IRS). This could be as much as 5% of what you owe. If you think you’re going to be late, be sure to file an extension with the IRS now.
- Stop Identity Theft
We’ve warned you about identity theftand tax fraudbefore. When it comes to filing taxes, all a criminal needs is your personal information to file a phony tax return in your name – with the refund going to them, not you. Stop this fraud before it can happen and file your return as soon as possible.
- Save Money
Oftentimes, tax software prices can increase the closer you get to the filing deadline. If you’re going to use a tax expert to help you, make your appointment sooner rather than later, chances are their calendars fill up the closer you get to April 15th.
Don’t forget, as a WWFCU member you can save on TurboTax federal products. Learn more and get your discount here.
- Extra Time
If you know you’re going to owe money on your return, it can give you peace of mind to file earlier rather than later. You won’t have to start paying till April 15th, but you’ll have a head start so you can arrange your payment.
- Don’t Procrastinate
While most of us dread doing our taxes and put it off, it could cost you. It may take you longer than you think to do your return and you could miss the deadline. This will cost you extra in penalty fees and the possible extra expense of needing an expert to help you file. Starting your tax return as soon as possible ensures you’ll have enough time to file it before the 15th.
- Prevent Mistakes
None of us are at our best when we’re rushing to get something done. The same goes with your taxes. When you give yourself plenty of time to file, you’ll be less likely to make mistakes on your return. Face it, no one wants an IRS audit!
- Get More Money – Faster
Statistically, the sooner you file, the larger your refund will be and the sooner you’ll receive it. Over 20 million Americans wait till the last week to file – don’t be one of them.
So, the bottom line is to file your income tax return as soon as you can. You’ll save yourself money and stress and get your refund that much sooner!