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It’s fairly easy to put off filing your tax return until the last possible moment. Unless you implemented an adequate tax preparation strategy at the start of the year, gathering the documentation alone could take weeks. By devising a simple system for staying organized, though—and then sticking to it—you may actually be able to get your taxes done early. Here are a few reasons to file the return sooner rather than later. 

Why You Should File Your Tax Return Long Before It’s Due

1. Secure a Larger Refund 

People who submit their return by the end of February tend to secure larger refunds than those who file much later. Although there are several factors at play and correlation does not necessarily equal causation, taking a proactive approach to tax preparation will give you plenty of time to gather all of the essential documents. This will allow you to take advantage of every possible deduction, without scrambling to find receipts, invoices, and other records. 

2. Reduce Excessive Stress

tax preparationPutting together your return may be somewhat stressful, but failing to submit it by the deadline is downright dreadful. Depending on your financial situation, filing late could result in penalties and interest. This can add considerable stress to an already trying situation, especially if you were counting on receiving a sizable refund. By filing early, though, you do not have to worry about missing critical deadlines or incurring unnecessary fees. 

3. Protect Your Identity 

Submitting fraudulent tax returns and pocketing the refunds is a fairly common scam that everyone should beware of around tax time. If you postpone filing, you are essentially giving scammers every opportunity to submit a return under your name. By filing early in the season, though, you can essentially “lock in” the information with the IRS, so no one else can file a return for that particular year using your Social Security number. 

 

If you want to start filing your returns early but need help with tax preparation, turn to Shelton Law Firm. Located in Chariton, this firm has been assisting clients throughout southern Iowa since 1967. Over the years, they have established a reputation for providing comprehensive and strategic counsel that is always tailored to meet the individual client’s needs. Their areas of expertise include family, civil litigation, real estate, estate planning, business, and tax preparation law. To reach out and request an initial consultation, visit their website or call (641) 774-5956. 

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