Even with professional assistance, the thought of beginning the tax return process is stress-inducing for many individuals. However, in this situation, avoidance only brings about more stress. If the idea of pushing off filing your taxes as long as possible is appealing, here are a few reasons you shouldn't.
Get Your Hands on Your Refund Faster
Many individuals rely on their tax refund to cover large expenses or make investments. Fortunately, the sooner you file, the faster you gain access to your refund amount. You're also likely to avoid the long wait that comes with the tax-filing congestion of April. Additionally, getting your documents in early limits your risk of tax-based identity theft by reducing the amount of time your information is on file.
Avoid the Hassle of a Tax Extension
If you always put off filing your tax return for another day, another week, you'll find the deadline arrives quicker than you think. Wait too long, and you'll have to request an extension. While the step is relatively simple, it only serves to draw out the process further and complicate an otherwise straightforward task.
Ensure Plenty of Time for Tax Payments
There are many cases in which an individual ends up owing taxes. If you're unable to pay upfront, you'll need to navigate the process of setting up a payment arrangement with the IRS. This situation also typically entails penalties, fees, and interest charges. However, filing your tax return early ensures you know exactly how much you owe. It also gives you more time to come up with the money without incurring the extra costs associated with an installment plan.
If you live in eastern Texas, get a jumpstart on your taxes by turning to Selph and Friday, CPA. For more than 30 years, the accountants have assisted individuals and businesses throughout Bowie County and the surrounding areas. From filing tax returns to providing IRS representation, they strive to provide friendly, helpful, and efficient service across the board. Learn more about their income tax preparation services online, or request a personalized consultation at (903) 792-0281.