Filing your taxes isn’t an option. You have to do it. But when you do, it does offer some flexibility. There’s the deadline of April 15th each year, but most people can extend it through October 15th if needed.
But should you?
Ideally, to keep your personal finances in order and to maintain order, it’s best to file your taxes early. Not convinced? Here are 5 reasons you should.
You’ll Feel Less Stressed
No one likes waiting until the last minute to do anything. When you do, you’ll feel more stressed and incapable of doing a good job. When you rush through your taxes, you’re more likely to make mistakes, which can lead to penalties or even an audit.
More Time to Plan your Tax Payments
If you owe taxes, you’ll have more time to plan your finances. Putting yourself into debt to cover your taxes is never a good idea, and any debt relief plans you apply for won’t include help with your taxes.
You have to pay your taxes, and it’s best if you pay them on time to avoid any penalties. Knowing what you owe early can help you budget and pay your liability on time.
You Might get your Refund Faster
The earlier you file your taxes, the faster you’ll get your refund. Most people wait until the last minute to file their taxes, which means the IRS workload is much higher. If you want your refund fast, your best bet is to file early.
Your Personal Finances will be More Organized
Filing your taxes isn’t just a requirement. It can help you with other financial tools, too. If you will apply for a mortgage or car loan, you may need to provide your tax returns to show your income. If you have your taxes done early, you’ll have the most recent and accurate income statement to ensure you get the financing you can afford.
Prevent Tax Fraud
You might be able to prevent tax fraud if you file your taxes early. If you wait and someone steals your social security number, they may file in your name before you do. When you submit your ‘real’ tax return, it will get rejected because someone else already submitted ‘your taxes.’
Get ahead of the hackers, and get your tax returns in right away. When they try to steal your number and your refund, it will get rejected.
It’s important to file your taxes early. If for nothing else, you’ll have peace of mind. Of course, knowing that your taxes are done right, that you’re getting the maximum refund, and that your information is protected is important, too.
If you need more help with your personal finances, contact us today! We are happy to help you understand your personal finances and get and stay out of debt.
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