Understanding Returns

Income Tax Return: 6 Benefits of Filing Income Tax Return Before Time

Are you constantly struggling with your own income tax return? Are you one of those people that get very near the due date while filing your return? To escape this habit of submitting your taxes so near the deadline, here are six amazing benefits of early filing of income tax returns.

Faster access to a refund

If you’re expecting to receive a refund for overpaying your taxes, then it’s best to file your taxes early. Since you’re filing early, you’ll receive your refund sooner. Also, the IRS will not be as busy in January to March as it’s likely to be in April and after.
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Get it done right now
Why Taxes Aren’t As Bad As You Think

Why worry about April 15 in the first quarter of the year when you can get the job done right now? Avoiding procrastination will help you have substantial peace of mind and become more efficient and happier in other vital parts of your life.

Avoid the likelihood of owing more by being late

You may think there’s plenty of time to have your return ready on the 14th of April but nobody can tell what might happen. If you’ve got the time right now, please take care of your taxes. If you file late and it’s discovered you owe money, you’ll waste so much money paying interest and even penalties.

Give it your best

You might sort out your taxes at the last moment but discover that something is further complicating your tax issue than you know and that there won’t be time to know this prior to submitting your return. In addition, if you’re in a rush, it may be easy to make a mess of even the easiest return by making a calculation error or forgetting to input your SSN (social security number). You shouldn’t make a hasty decision that could lead to an expensive audit.

Avoid loans with high interest rates

If there are bills to settle and you’re expecting some refund, you can actually save some money by filing your taxes sooner. Rather than resort to options such as paying your bills late, increasing credit card balance, or securing a payday loan in order to get by till late April to early May, you receive your refund early on and stabilize your finances with it.

Protecting your tax return identity from being stolen

When a criminal knows your SSN, they have all that’s required to submit your tax return. The purpose of this fraud, of course, is to get your tax refund, rather than pay your taxes. This scam happens early on in the tax window, well before the majority of taxpayers file. Make sure to observe every precaution possible to shield your SSN and submit your returns early, if you can.