Tax Season: The Benefits of Filing Your Taxes Early
It’s hard to believe that tax season is already here again! This year, aim to file your taxes early. There are many benefits to submitting your tax return to the IRS in January, February, or March, including the possibility of a larger tax return. On January 26, 2018, the IRS began processing both e-filed and paper tax returns. Though you have until April 17 of this year to file, getting your taxes done before the last-minute rush is a good idea and can save money, time, and stress.
When you file your tax return early, you don’t have the tax deadline looming over your head. This means that you can take more time to fill out your return, ensure that you’re taking the appropriate tax deductions, and proofread so that you have a smaller chance of making mistakes. Plus, you’ll sleep better and enjoy a better quality of life knowing that you won’t be racing to beat the deadline while you file your taxes. You may even get your tax refund sooner, since the IRS won’t be overwhelmed with tax returns until late March and early April.
When you file your taxes early, you also avoid the stress of possible identity theft. To scam taxpayers, identity thieves will file a tax return using a social security number that doesn’t belong to them, then claim the refund. When the taxpayer goes to file their actual tax return, it will be rejected. To straighten things out, you’ll have to go through a long, stressful process just to get your tax refund, protect your money, and save your credit. Filing early can help you beat identity thieves and avoid the stress that comes with tax fraud.
Those who file in January and February average $300 more on their tax refund. While this may be because people who know they will be receiving a tax return tend to file early in order to get their money, it can also be attributed to the fact that those who don’t wait until the last minute to file their taxes make fewer mistakes and claim more applicable tax deductions. Having the chance to receive a larger tax refund and save money is worth taking the time to file early.
People who file their taxes early just make fewer mistakes on their tax return. Avoiding the last minute rush means you can take your time to fill out your IRS paperwork, double or triple-checking your name, social security number, and personal information. If you don’t make mistakes on your tax return, you won’t have to take the time to re-file or make corrections.
Increased Planning Time
After you file your taxes, you may face a large bill owed to the IRS. If you can’t pay it all right away, you’ll be thankful you filed your tax return early. This will give you more time to come up with a payment plan or figure out how to get the money to pay your outstanding balance to the IRS.
If you need assistance coming up with the money to pay your outstanding tax debt, or just need a little extra cash to make ends meet before your tax refund comes in, turn to AmeriCash Loans. You can apply online or in store today and have your money as soon as the next business day. Have questions? Our friendly customer service representatives are here to guide you.