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Top 5 Things You Avoid When You File Taxes Early

April 15th. Tax Day. It’s a day we mark on our calendars. Though many of us delay filing taxes, because it’s just another thing on our list of things to do, it should be done sooner rather than later. Your “uncle” needs to collect, and you need to be ready. No, not your strange uncle in your family, but rather, Uncle Sam, someone you don’t want to ignore. 

If you’re the type who has to add the deadline to your calendar, chances are you won’t remember to file your taxes until you flip to the month of April. Did you know the IRS starts accepting tax returns as early as January 27th? We’re here to fill you in on some of the things you avoid when filing your taxes early.

 

Delayed Tax Refunds

If you know you’re getting a refund or have typically gotten one every year, then it is beneficial to file your taxes early. The IRS estimates you should receive your tax refund within 21 days of filing. This is taking into account that everyone will file on or around April 15th. But think about what will happen if you file early, in January or February? Because most people wait to file their taxes, your tax return can potentially get processed quicker than the normal turnaround time. 

What does this mean? A head-start on treating yourself, paying down debt or tackling a problem that needs attention. Who doesn’t want money in their pocket sooner? 

 

Stress

Maybe you never knew you could file your taxes as early as January or out of habit you simply waited until April 15th. The moment you realize the tax deadline is upon you, the stress will begin to kick in. Not only will you have to find all the necessary documents you need for claiming deductions and credits, you’ll need to schedule an appointment with a tax preparer, if you can find one. 

When you file early, you don’t have a looming deadline over your head and won’t be running around like crazy just to get your paperwork in order. Filing early allows you to have a peaceful and easy tax filing process, something you don’t hear about too often. 

 

Missed Opportunities

When you have more time to file your taxes, you have more time to review any and all deductions and credits you are eligible for. It’s that simple. 

You can sit down with a tax professional and go through line by line to ensure you are either:

  • maximizing your tax return or
  • decreasing the amount you owe

Often times we’ll wait until the last minute and skip over all deductions and credits because we are in a crunch to get our taxes filed. Consider filing early to ensure your taxes are being completed to the fullest!

 

Lack of Time

It’s April 15th, you file your taxes and you realize that you owe way more than you thought you would. You’re given a timeframe in which to pay it, but you know it’s unrealistic to squeeze that expense into your budget.  

When you file early, you know in advance what you owe Uncle Sam and can come up with a plan to pay him back. If you find the expense is still out of reach, an installment loan may be the answer to cover the first payment or entire amount and avoid the stress of owing the IRS. File your taxes early and make a plan! 

 

Identity Theft

Whether we like it or not, we’re living in the digital age. As identity thieves get more creative, it becomes easier for them to access our personal information. Tax season is a prime time for them to strike and profit from your tax return. When you file your taxes early, an identity thief is not able to file a fraudulent tax return with your name or information. Get ahead of identity thieves and plan to file your taxes early this year. 

At Sun Loan, our professionals are available year-round to assist with tax preparation. With no upfront fees, we take the stress out of filing your taxes. 

Gather the following documents to get the process started:

  • W2 form(s)
  • 1099(s)
  • SSN(s)
  • Photo ID

Stop by your nearest Sun Loan location to file your taxes today! Don’t miss out on the money you deserve.