Why You Should File Your Taxes Early
It’s tax season, folks. While it’s tempting to put off returning until the last minute, it’s probably best to do so right now. The main reason to file your tax return early —that is, before the April 18 filing deadline—is to get in line for a refund. The IRS says it expects returns and refunds to be processed within 21 days, though delays are certainly possible. Serve faster, get paid early.
Another reason to at least start working on your tax return now is to give yourself time to do it thoroughly and seek professional tax preparation help if you need it. If you rush to fill out forms before the deadline, you are more likely to make a mistake or miss out on a credit or deduction, which could delay your return and possibly cost you money.
Finally, if you think you owe taxes, filing now gives you time to plan your payment in advance. Even if you file early, payments must not be made before the April filing deadline.
How can I get my refund faster?
No matter what, you should plan to wait at least a few weeks to see your tax refund. To speed up the process, apply electronically and sign up for Direct Deposit . Paper returns and paper checks increase processing time. Double check all tax documents and triple check the return for errors to ensure it is complete and accurate.
When can I file a tax return?
You can file your tax return right now. The IRS began accepting returns on January 24th. You may not have had all the paperwork on hand so early, but employers and other agencies were required to mail out Forms W-2, 1099, and other tax forms by January 31st.
If you do not have the required documents, please contact us as soon as possible.
If you earned less than $73,000 last year, you can file your tax return electronically for free with the IRS Free File Providers . Anyone can access fillable IRS forms for free. Or you can use commercial tax preparation software like TurboTax, which can cost money depending on the service you choose.
If you’ve made over $73,000, you still have a free option to fill out forms that you must fill out on your own with no guidance. Strongly consider shelling out for a professional.