Recent Posts:6 reasons to get a head start on taxes in 2019
If you’re like many Americans, taxes probably fill you with dread. This probably means you are putting them off until the absolute last minute. We’ve all been there. But if you don’t think there are any incentives to doing your taxes early, you might want to think again.
Believe it or not, there are some serious benefits to filing your tax returns early that don’t just include checking the big box on your to-do list. The earliest date to file was January 28th, so it’s time to get started! Here are six benefits that you can enjoy when you get your taxes filed early:
Get Your Refund Sooner
If you’re one of the many Americans who don’t owe money for the 2018 tax year, you might be receiving a refund. So why not start the year off with some extra cash? The earlier you file, the earlier you’ll be able to put that refund into the bank! The average tax refund issued in 2018 was $2,780, so file early and put that money to work for you as soon as possible!
Have More Time to Pay if You Owe
An estimated 1/5 of Americans will owe taxes this season, as their employers didn’t withhold enough to meet the new tax law standards. If you fall under this camp of people, filing early will give you more time to plan and adjust your budget. The IRS can set up a payment plan, though oftentimes this will weigh you down with interest rates and fees. By giving yourself more time to adjust, you’ll be able to pay your taxes off in full by the April 15 deadline!
Have More Time to File Correctly
We’ll admit it, filing your taxes isn’t always the most clear-cut process! Starting earlier will give you time to learn the process and understand what you have to do in order to file your taxes correctly. It will also give you more time to correct your documents if you catch any mistakes!
Prevent Fraud
Data breaches have become unfortunately commonplace, and it’s good to note that a breach can affect anyone at any moment if we don’t take certain precautions. If anyone has attained your Social Security number, they can use it to file a tax return in your name and take the refund for themselves. That is, if they file before you do. If you file early, potential scammers have less time to profit from your hard-earned tax returns.
Avoid the Crowds
Even with all of the benefits of filing your taxes early, many Americans still wait until the last minute. That means that not only are they busy, but tax offices across the country will be jam-packed with people trying to file their taxes right before the due date. To avoid the crowds and avoid a rush fee, file as early as you can! Your tax preparer will be able to spend more time getting you the biggest possible refund, and you’ll avoid being charged a rush fee for last-minute taxes.
Avoid Stress
While taxes can be a little confusing, the process isn’t all that bad. Often times, the worst part about doing your taxes is the fear of doing them. Even if you file for an extension with the IRS, you won’t have more time to pay money that you owe. The extension merely allows you more time to submit the paperwork.
Picture yourself after filing your taxes early, with all of that stress lifted off of your shoulders. Let Brandt & Associates help you alleviate the stress of tax season! File today!
02/18/2019
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