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The Perks of Early Tax Filing!

KarenL
Employee Tax Expert
0 0 617

Perks of early tax filing 2.pngGetting your taxes filed early has its benefits! It’s amazing how accomplishing certain things can uplift your spirit and set the mood for the day, week, or in this case…the year! To me, there’s rarely a better feeling than getting that one (possibly daunting) task accomplished - box checked - and done. It’s even better if you get money in your pocket as a result of taking action!

That leads us to the most obvious and enticing perk to filing early - getting your tax refund earlier! Even if you owe more taxes, it’s great to know sooner rather than later, so you can budget and pay on time.

Did you know that early filing is also a deterrent from tax-related identity theft? If a scammer files with your social security number before you do, that would create a mess and refund delay. Sadly, it’s you who would bear the burden to prove it’s fraud. But if you file first, the would-be fraudster’s tax return would be rejected

And there are other perks that might even make or break a life-changing deal. Let’s say you’re planning to apply for education tuition assistance or planning to buy a new home and the lender requires your tax returns. How nice will it be to have that “taxes filed” box checked?!

Ahhh…peace of mind is priceless. 

Maybe it’s your first time filing your taxes and you’re just a tad nervous about doing it correctly - so you procrastinate. Time flies and suddenly you’re rushed (and stressed) by the deadline. Ughh..don’t let that happen.

No worries at all because TurboTax walks you through from start to refund every step of the way! In addition to that, there are great articles such as this one called “Help! It’s My First Time Filing Taxes” that will give you the confidence to fearlessly jump right into it. That article has a few perks of its own including the basics like tax terminology, which docs to gather, links to calculators, a checklist and more!

Filing tax returns early isn’t for everyone and certain situations may even require filing an amended tax return later. Here’s a short list of situations where it’s better to wait:

  • you haven’t received all of your official tax forms yet (W-2s, 1099s,K-1s).
  •  the IRS still hasn’t finalized a form you need for your tax situation.
  •  you heard about a last minute tax law change that might affect your taxes.
  • you’re a little too anxious to check that “taxes done” box and may miss important tax deductions or credits. To help prevent that, check out some tax deductions worth looking into.

Ultimately, the decision is yours. There are perks to filing your taxes early - but be aware that if you’re missing documents you may need to file an amended tax return later.

TurboTax has the help you need, when you need it! Never guess at answers when it comes to tax decisions. Instead ALWAYS ask a tax pro! Your tax situation is unique - it’s not the same as your friend who works at the same place or your neighbor who earns the same amount of money. The goal is always to pay less to the IRS and avoid receiving any IRS correction letters. You’ve got this!

Of course, there are Tax Experts ready to help. The article Tax Questions: Who's Your Expert will easily guide you to the expert help you need and by the method you want to receive it.

 

First-time filers: these bonus links are for you!