Procrastination and taxes are two concepts that often go together—but they shouldn’t. While you may have many weeks to file, it’s best to start the tax prep process as early as possible. By doing so, you’ll be able to cross a “to-do” off your list as well as take steps that can help you save money and avoid trouble with the IRS. If you’re looking for a little motivation to get a headstart, here are a few reasons why it’s best to file taxes as soon as you can. 

4 Reasons to File Taxes Early

1. Catch & Fix Mistakes

If you wait too long to file, you may end up rushing and making mistakes on your taxes. These mistakes could have you paying more than you owe and may even subject you to a future IRS audit.

By contrast, those who file early will have more time to review all of their numbers to make sure everything is correct. And if there are concerns you can’t resolve, you’ll have extra room in your schedule to consult with a certified public accountant.

2. Stay Prepared for Payment

Money owed to the IRS should be paid by the same day as the filing deadline. If you end up owing more than you expected, this payment could put you in a financial bind. If you start tax prep early, you can figure out how much you owe and still have time to get the funds in order.

3. Maximize Deduction Opportunities

When you’re trying to get your taxes in before the deadline, you might skip over details you aren’t required to submit—including those involving deductions. With advanced planning, you or your CPA can have more time to identify deductions and acquire the necessary documentation to claim them. Many deductions—such as those for new homeowners and self-employed individuals—could considerably increase your refund or lower the amount you owe to the IRS.

4. Avoid Late IRS Penalties & Fees

Failing to file or pay taxes on time—or at all—could land you with a series of penalties and late fees from the IRS. Typically, the longer these issues go unresolved, the more severe your penalty will be. If you file early, you can rest assured that these consequences won’t affect you.

Tax prep doesn’t have to be time-consuming when you work with the professionals at JJR & Associates LLC. Serving both business and individual clients in the Greater Atlanta area, these certified public accountants are well-versed in every element of tax returns. Whether you’re curious about changing your filing status or need to explore all your deductions, this team will review your records in-depth to ensure you never pay more than you have to. To learn more about these services, visit this Fayetteville, GA, accounting firm online or call (404) 437-7748.