If you’re like most taxpayers, then you wait until the
absolute last minute to file your taxes. And, while there’s not really anything
wrong with waiting until the last minute, providing you get your taxes in by
the deadline, you do miss out on some key benefits. In fact, there are many
excellent
Get That Refund in a
Flash
One of the best benefits of filing your taxes early is that
you’ll get your tax refund back that much sooner! This can really help if
you’re strapped for cash or want to start the New Year off on the right
financial foot.
To get your tax refund back as soon as possible, file electronically
and then have your funds direct-deposited into your bank account. That’s proven
to be the fastest method. So, if you choose that method and file early, you’ll
definitely be enjoying your refund long before most people you know!
Reduce the Risk of
Theft
Tax scams are, unfortunately, something that happens quite
regularly. One of the most common tax scams is for a thief to file someone
else’s taxes and pocket the refund himself. All a thief typically needs to do
this is a person’s social security number.
However, if you’re going to be the victim of this tax crime,
there’s a good chance the criminal would file very early in the tax season. You
can, quite literally, beat any potential scammers to the punch by filing early.
That way, even if you are victimized, your taxes will already be filed and
done!
More Time to Pay
You’ll also find that filing taxes early gives you more time
to pay back any money you owe to the IRS. People who know they owe money are
typically less likely to be in a hurry to file, but honestly, they are the ones
who can benefit the most from it!
When you file early, you’ll, first of all, be clear on
exactly how much you owe, and who knows, it might be less than you thought!
You’ll also have lots of time to determine the best way for you to pay back the
money that you owe and/or to make special payment arrangements with the IRS if
necessary.
No Extensions
Finally, when you file early and get your taxes done with
for the year, you don’t have to worry about the hassle of requesting an
extension from the IRS. Extensions are not only a pain to get, but they can
also increase your chances of having to pay interest and penalties on owed fees
and put you in a time-crunch-induced panic at the last minute. Don’t put
yourself through that- file early!
As you can see, filing early is beneficial in many ways.
This year, don’t procrastinate- get that filing done!
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