Tax season is in full swing, which means it’s time to start collecting your receipts and income statements. While you still have a little time before the filing deadline, it’s a good idea to get a head start and finish your tax preparation early. Not only will getting it out of the way take the pressure off, but it also provides a wide range of other benefits, some of which could save you money and headaches later on.

4 Advantages of Early Tax Preparation

1. Earlier Refunds

If the IRS owes you a refund, you won’t get it until you file. The sooner you get the tax preparation completed, the sooner you will be reimbursed for any excesses you paid throughout the year.

2. More Time to Fix Problems

Waiting until the last minute to file your taxes can present serious problems if an accountant discovers an issue with your paperwork. Missing a deadline because you’re looking for a receipt or miscalculated your gross earnings can result in hefty late filing fees and other penalties, potentially costing you hundreds or thousands of dollars.

3. Preventing Fraud

Unfortunately, it’s not uncommon for identity thieves to submit false tax returns to collect refunds, which can cause serious problems when you try to file later. If your get your tax preparation finished first, the IRS will reject any fraudulent returns someone else might try to submit.

4. Lowering Your Tax Bill

Rushing through tax preparation could mean forgetting purchases you’ve made or skipping deductions you may have qualified for. Getting started early will give your tax professional a chance to review your finances, identify any exemptions and credits, and reduce your liability as much as possible.

Tax preparation is never easy, but having a skilled professional guide you will eliminate most of the stress and uncertainty. As one of Texarkana, TX’s most respected accounting firms, Erie & Associates, P.C. prides itself on providing every client with the detailed advice and close attention their finances deserve. For a closer look at their tax management services, visit their website now, or call (903) 792-6651 to make an appointment today.