Apply Now  « Back to blog

Filing Taxes Early

The deadline to file your taxes comes up fast. It may seem like there is plenty of time, but waiting until the last minute to do something this important is never a good idea. Our team of experts love working with customers who are able to enjoy the benefits of filing taxes early.

 

The Benefits of Doing Taxes Early

 

 

You’ll experience less stress

In this case, it’s out of sight and out of mind. Save yourself the stress of missing deadlines by filing your taxes early. Plus, filing early will give you the opportunity to get your paperwork in order and prevent any mistakes in the long run.

 

Your tax refund comes sooner

Who wouldn’t want some extra money in their pocket? File your taxes early to receive your refund as early as possible. You could use those dollars toward paying off debts, buying things you need, or having fun getting the things you want.

 

You’re protected from anyone filing with your identity

Would you let someone take your wallet? Then why would you let someone take your identity? Don’t give anyone the chance to steal it! Thieves are always looking to steal personal information to use for their own needs, and we want you to avoid those scammers. Filing your taxes early keeps identity thieves from taking what you’ve worked so hard for.

So how early can you file taxes? Well, you should start the process as soon as you receive your W2. 

 

 

Avoid the Headaches

 

While we stress the point of filing taxes early, it’s also important to understand what happens when they’re filed last minute. According to the Internal Revenue Service (IRS), approximately 20-25% of Americans wait to file their taxes until two weeks before Tax Day. Don’t be that person.

 

When you file early, you avoid the following:

 

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 Tax Day. Just think about the benefits of filing early. Because most people will wait until the last minute, your tax return can potentially get processed quicker than normal. 

 

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? 

 

Increased stress

Maybe you never knew you could file your taxes as early as January or out of habit you simply waited until Tax Day. 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 to claim

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

 

Oftentimes 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 to plan if you owe

Imagine this. It’s Tax Day, 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 and can come up with a plan to make those payments. 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 you’ll avoid the stress of owing the IRS. File your taxes early and make a plan! 

 

Identity theft is real

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. 

 

Forgetting documents when you need them most

It’s not unusual to need several documents when you file, but what if you’re unable to find them at the last minute? Maybe you need to ask your employer for an additional copy of something, or a daycare expense document, or anything you need that will help you when you do your taxes. It’s important to have all those documents on hand and ready to go when you need them most. Gather everything you need and reduce the stress.

 

Filing Taxes Early Is the Way to Go

So again, we ask, how soon can you file taxes? When you get that W2 in your hand, why not start the new year off on the right foot and get those taxes done early. Many of our locations offer tax preparation services to ensure you get the money you need when you need it. 

When you visit be sure to bring the following:

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

File early, be happy. It’s that simple! Be sure to visit our website for more information or follow us on Facebook and connect with our community for the latest news, updates, and events this tax season.