When everyday life is already so busy, it’s common to put off filing your taxes until the last minute. However, you can decrease your stress and enjoy your return sooner by organizing your documents ahead of time and getting them to an accountant who can prepare your submission for you. The guide below explores the benefits of being proactive.

What Are the Advantages of Early Tax Filing?

1. Eliminate Stress

Figuring out your taxes can be complex—not only due to annual changes to the tax code, but because circumstances in your life might have changed to alter your filing. For example, couples who recently got married become eligible for joint filing, which may influence their tax bracket. Those who have just had a child are eligible for new deductions.

Working with a tax professional or accountant can alleviate the stress involved with trying to accurately fill out your paperwork; they can also help you find deductions that you may have missed to reduce your tax burden or minimize your return. However, appointments often become sparse to come by the closer it gets to mid-April, so get in early.

2. More Time to Organize

When filing taxes, you need documents from your employers and banks to properly fill out your return. Those planning on itemizing may want to deduct payments they’ve made to applicable charities or the money spent on home office renovations during the tax year; to do so, they will need to produce receipts to support their claims.

Gathering these materials and organizing them takes time. Give yourself a personal deadline or weekly goal for getting your materials together to avoid last-minute scrambling.

3. Get Your Money Sooner

If you know you’re getting money back from the government, it could be an incentive to file sooner. Those who request their return be directly deposited to a bank account often receive the payment as soon as 21 days from processing. Not only does this lower your risk of tax-related identity theft, but those who file early tend to get larger refunds than those who wait until the last minute. 

File your taxes quickly and easily with the help of the experienced accountants at Burch & Associates in Lincoln, NE. In addition to helping with personal taxes, they also offer many services for small businesses—including payroll assistance, bank reconciliation and 1096 and 1099 filing. Visit their website to learn more about their capabilities. Call (402) 483-4791 to set up a meeting.