4 Reasons You Shouldn’t Procrastinate on Filing Your Taxes This Year
Procrastination is a struggle for just about everybody – especially when it’s something you’d probably rather not do, like filing your taxes. But, as they say, “The early bird gets the worm.” Here are the top four reasons you should aim to file your taxes early this year:
1. You’ll Get Your Refund Sooner
The earlier you file, the sooner you will receive your tax refund, if you are expecting one. Additionally, it takes the IRS less time to send out refunds earlier in the tax season. More people submit their tax return closer to Tax Day, making the process slower and more congested in April. Get yours turned in right away so you can start enjoying your tax return faster.
2. You Have More Time to Submit Your Tax Balance
If you owe money to the IRS, you’re probably even more hesitant to file early. However, no matter when you file, your balance is not due until the April filing deadline. By completing your tax forms early, you will know exactly how much you owe sooner so you can budget and prepare accordingly.
3. Tax Professionals Get Very Busy
The closer it gets to the deadline, the more hectic things become for your tax consultant. During the 2018 tax season, about half of Americans had filed their taxes by the one month mark before the deadline. The other half was trying to finish it up in those final four weeks. To put that in perspective, that’s about 78 million people trying to file their taxes on time.
If you want to get help filing your taxes, then you should call your accountant or tax preparer as soon as you receive your tax documents. Appointments tend to fill up quickly, and it is not uncommon to have to wait weeks or even a month to get your appointment. Schedule your appointment earlier in the season and you’ll spend less time waiting.
4. It Can Help Protect Against Identity Theft
A criminal only needs your social security number to file a tax return on your behalf. They do the scam early in tax season, before most people have filed. Then when you file later on, the IRS kicks out your legitimate return since they believe you have already been paid. This mess can take months to clear up. Protect yourself by filing early and get ahead of scammers.
Clark County Credit Union is here for all of your banking needs. We focus on providing personal service to all of our members. Visit Banzai to get access to all of our financial resources, or contact us today at 702-228-2228.