Even though the holidays are over, this is still a busy time of year. As a result, the three months between now and the April tax deadline often fly by with many filers neglecting to submit their returns until the last minute. However, by prioritizing your tax return preparation process, you can reap the following three benefits.
3 Reasons to File Your Taxes Early
1. Find Out What You Owe
If you have a reason to expect a tax bill, it’s best to start your filing process a couple of months early. That way, you can determine the balance and still have several weeks to get the funds together. If you file close to the deadline and are still waiting on that last invoice to be paid, you might be forced to pull from your savings to satisfy the IRS.
2. Prevent Someone From Taking Your Return
Some people who wait until close to the deadline are confused when they get a message saying their return was rejected. That’s because a criminal can file a tax return under your Social Security number—pulling your hard-earned refund right into their bank account. In 2016, $12.2 billion was stolen using this trick. If you file early, you grab your return before someone else has a chance to and avoid being a victim of fraud.
3. Skip Out on Tax Season Stress
In past years, you may have sympathized with friends and coworkers who stressed out over their returns in April. However, by starting your tax return preparation ahead of time, you can escape that less-minute anxiety.
For one, it is likely easier to get an appointment with a tax professional than it will be during the hectic weeks of early spring. Plus, the sooner your file, the sooner you’ll get your hands on that tax return—and you probably already have some clever ideas on how to spend it.
If you’re worried about tax return preparation, leave it to Young Hoy & Burnett CPA. This Texarkana, TX, firm has over 40 years of experience helping clients feel less stressed about their finances and getting them their maximum return. To schedule an appointment, call (903) 794-2211 today. You can also learn more about their accounting services by visiting the website.