Here’s why you should try to file sooner rather than later.
Tax season has a way of separating the planners from the procrastinators. You may file your taxes as soon as possible or maybe you wait until the last second. According to CNBC, “a third of Americans file taxes at the last minute.” Either way, we collectively breathe a sigh of relief when the dreaded April date comes and goes, and our taxes are finalized and filed for another year.
This article is a shout-out to all the procrastinators out there. Did you know there are some incentives to filing early? From receiving your tax refund early to having extra time to pay your taxes, there may be a few perks to changing your last-minute habits.
Here are 3 reasons to file your taxes early this year:
1. You get a faster tax refund.
The IRS isn’t as busy when the tax season first begins, so why not get it out of the way quickly and easily? The earlier you get your refund, the sooner you can put that money towards one of your financial goals, pay off a debt, or even treat yourself!
2. You can prevent identity theft.
The sooner you file, the less time there is for someone to submit a fraudulent return “for” you. Most scammers who are trying to commit tax return fraud do so early in the year to try and beat you to your tax refund money.
3. You’ll have extra time to pay any taxes you owe.
If you owe the IRS at the end of the tax year, filing early gives you more time to pay them back before the filing deadline. If you wait until the last minute and find out you owe more than you expected, it could negatively impact your budget.
With tax season right around the corner, it might benefit you to file your taxes as early as possible. Looking to better understand the process of filing your taxes? Aside from seeking the advice of a tax expert, we have a Zogo course to help educate you about the process.
And don’t forget! Since April 15 falls on a weekend this year, the deadline to file your taxes is Tuesday, April 18, 2023.