Top 5 Reasons to File Your Taxes Early

taxes (Photo credit: 401(K) 2013)

It’s almost March, have you started working on preparing your taxes yet? While you still have time, there are lots of good reasons to file well in advance of April 14th. Here are 5 of them:

1. You Have Time to Fix an Error. Depending on your circumstances, filing your taxes can become rather complicated. For example, if you are a married couple with two or three children, own a home, have some stock investments, give money to charity, etc., there are many places where mistakes can be made. If you file early and later discover you made a mistake and owe more than you thought, you still have time to amend the return without a penalty.

Conversely, if you discover an overlooked deduction that works in your favor, you also have extra time to fix your return to take advantage of that deduction and save more money.

2. It’s Easier to Obtain Professional Help. Tax season is EXTREMELY busy for accountants and other tax professionals. Moreover, the closer it gets to April 15, the busier they get. If you are one of the millions of Americans that find your taxes just too complicated to do on your own, you will need to enlist the help of a pro sooner rather than later. Otherwise, it may be difficult to find someone to fit you in before the deadline.

3. Reduced Stress Trying to Cram at the Last Minute. This is a big one – many people are stressed to the hilt getting their taxes done ahead of the April 15 deadline. And if something unexpected should come up that demands a great deal of your time and attention, it will be that much more difficult to get your return done on time. If you start and file early, you wont have to worry about cutting things too close as the deadline approaches.

4. More Time to Plan If You Owe Money. If it turns out that you owe money this year, it is better to know that a couple months ahead of time. This lessens the burden on you and your family and gives you more time to gather your resources without cutting too deeply into your weekly/monthly budget.

5. Get Your Refund Back Faster. Of course, the top reason to file your taxes early is to get your refund back sooner from the IRS. After all, this is your money, and you’ve already given the IRS an interest-free loan on it for several months. When you file early, there are fewer of your fellow taxpayers filing, meaning the IRS will generally be able to process your refund faster – putting the money back in your bank account, where it belongs.

So, what are you waiting for? Give us a call to schedule your tax appointment at 480-355-1398.

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