The Earlier The Better
February 16, 2021
Who wants to do their taxes??? We know, it’s not exactly the most fun thing to do. However, there are real benefits to filing your taxes early. Here are just a few.
Faster, Potentially Bigger Results
The faster you file your taxes, the faster you get paid (if you’re getting a refund). If you take your time and file your taxes carefully, you might also find yourself getting a bigger payout. That’s because with no pressure to file quickly, you can be extra vigilant about the details. If you wait to file, you might miss something that could trigger a bigger refund.
Easier Access to Help
The longer you wait to file your tax returns, the less likely you’ll be able to find someone to help you if you need it. If you are planning on using a tax expert to file your forms, you’ll find their schedule is a lot more open now than in a couple months.
Reduction of Fraud
One of the best reasons to file your tax returns early is that it reduces the chances of fraud. As US News reports, a popular scam involves thieves using stolen Social Security numbers to file bogus tax returns. If the IRS doesn’t catch the fraudulent claim, a refund is issued. If that thief used your info to create a return, when you finally do file your taxes, the IRS will reject it. The result? A long, paper-laden battle to explain to the IRS that you are legitimate and the prior tax forms were bogus. The earlier you file, the less likely a phony form will be filed in your name.
Article written by Chris O'Shea: SavvyMoney.com