10 Reasons to File Your Taxes Early This Year

In case you needed a little extra motivation to get your taxes done before the rapidly approaching April 18th deadline, here are a few reasons to get you moving.

Here is Vyde’s top ten list of reasons to file your taxes early this year:

1. You can actually file your taxes now and not pay your tax bill until the due date. So offload the stress and save up to pay your tax bill, and you’re good to go!
2. Get your refund on it’s way. If you’re receiving a tax refund this year, filing early will get you your money sooner.
3. Prevent identity theft. Criminals can use your name and Social Security number to file a false return and get your big whopper of a return in their pocket instead of yours. Obviously, this can’t be done if your taxes have already been filed so getting it done early helps protect you.
4. Reduce errors. Take your time and don’t feel pressured by the April 18th deadline. Instead, set an earlier deadline for yourself and work through your taxes as efficiently as possible.
5. Help your college-aspiring student apply for FAFSA. If your child or dependent is applying for financial aid for college, they’ll likely need your income tax return.
6. Get organized with your business and reflect on last year’s numbers. If you didn’t take the time at the end of last year to reflect on your income and expenses, now is a great time to see how the last year ended financially. Make projections for this year, adjust your budget where necessary, and make a plan to stay organized in the future.
7. Gives you time to set up a tax payment plan with the IRS. If you can’t meet your tax obligation right away, you can set up a plan with the IRS to make monthly payments until you’re all paid up.
8. More one-on-one access with your accountant. By mid-March of the 2015 tax season, 74 million people had already filed their income taxes. That left the remaining 57 million just one month to file theirs by the deadline. Filing early gives your accountant more time to field your questions and catch any deductions you may have missed.
9. Early filers receive larger refunds. According to statistics from the IRS, taxpayers who file by mid-February get significantly larger refunds than those who file later—almost $450 on average.
10. Reduce your stress. The IRS tax deadline isn’t flexible, so filing taxes is not a task you can put off for long. File early and get on your way to a beach vacation–or at least get back to fulfilling the needs of your business.

Need help filing your taxes this year? Give us a call and we can take care of it for you.

Frequently Asked Questions: 

 

1. 1. Why should I file my taxes early?
      Filing early allows you to offload stress, receive your refund sooner, prevent identity theft, and reduce errors by giving yourself more time.

1. 1. Can I file my taxes now and delay payment?
      Yes! You can file your taxes now and pay any owed taxes by the April 18th deadline, allowing you to manage your finances more effectively.

1. 1. How does filing early help with FAFSA?
      If your child is applying for financial aid, they’ll need your income tax return. Filing early ensures you have this document ready for their FAFSA application.

1. 1. Will I get a larger refund if I file early?
      Yes! Statistics show that taxpayers who file by mid-February receive significantly larger refunds, averaging almost $450 more than those who file later.

1. 1. What are the benefits of having more time with my accountant?
      Filing early provides your accountant with more time to answer your questions and identify potential deductions you might have missed, optimizing your tax return.