Four Benefits Of Filing Your Taxes Before The Deadline

Four Benefits Of Filing Your Taxes Before The Deadline

For millions of US citizens, there is no way to avoid filing an annual tax return. However, due to the recent Covid-19 pandemic, the American government and IRS gave their citizens some extension to file their taxes. However, whether or not another extension will be granted this year, nobody knows about that. 

Typically, Americans need to file their tax returns before the 15th of April. Moreover, people can also file for an extension and take the deadline to the 15th of October to fill and submit their tax return forms.

However, just because you have till April of every year, that doesn’t mean you take your sweet time and file your tax returns on deadline day. On the contrary, filing earlier will lead to reduced stress when the month of April comes around, more time at hand to pay your tax bill, and most importantly, it will allow you to avoid an IRS audit. 

So, whether you’re an individual or a business, there are more reasons to do it as soon as possible, and some reasons are listed below. 

You’ll have more time to pay the taxes you owe. 

If you owe some tax money to the IRS, you’ll still be able to have good reason to file your taxes ASAP. For instance, if you file your tax returns in January, you won’t have to pay your pending dues until the filing deadline, which is the 15th of April. So, prepare your form sooner as it will allow you the extra time you require to arrange cash for pending tax payments. 

In addition, this additional time will be helpful to those who need information on the amount they owe to the IRS. Consider hiring a qualified tax accountant who holds at least a tax LLM online degree to help you identify the exact amount you have to pay. 

Filing taxes before the deadline will reduce tax deadline stress.

According to TaxSlayer, around 52 percent of taxpayers undergo tax deadline stress regularly. That isn’t a shocker at all. However, anytime you’re faced with an unpleasant task or situation, it’s wise to finish it as soon as possible to get out of it. The same is the case for filing your taxes. So grit your teeth and fill out your tax forms as soon as possible. 

An easy way to accomplish this is by giving yourself a fake deadline. For example, if you have to file taxes officially on the 15th of April, set an artificial deadline for the 15th of March. Then, once you file your return before that, give yourself a small reward for being responsible and efficient. 

After all, you earned it! Then, go ahead and watch everyone stress out over their taxes while you relax.

Filing taxes before the deadline sets you up for larger refunds. 

While you shouldn’t consider a tax refund as free money, receiving a significant cash amount from the IRS means that you’ve been lending the American Government your cash. In the end, they are returning what is already yours. However, watching those fat tax refunds hit your bank account will feel soo sweet. 

As a result, you will file your taxes early when you know you will get a tax refund. It is one of the primary reasons why taxpayers file their income taxes before the deadline date. That said, another reason to file your taxes early is that you will get more opportunities to ensure you’re claiming all the tax deductibles you’re entitled to receive. 

However, this requires filing a ton of paperwork and time. So, please work with your tax accountant or attorney to set it up!

Filing taxes before the deadline means you’ll remain protected from identity thieves.

There you are, lying comfortably on your bed after filing your tax return only to receive news that they have been rejected because someone already used your Social Security number. Then, your heart will slowly sink, and you come to terms with the fact that you’ve been a victim of tax refund fraud

To avoid tax refund fraud, it is wise to file as early as possible. Doing so will ensure nobody else has the time to use your social security number. That said, while early filing doesn’t mean that you will avoid tax fraud entirely. However, it will protect your tax refund. If an identity thief files before you do, the IRS won’t consider your request and reject your returns since their records will show that they already paid you.

Moreover, it will take a lot of time, maybe months, to get this sorted out and receive the refund you’re entitled to. So, don’t wait for these thieves and file your taxes as soon as possible. The sooner, the better!

Conclusion. 

Although the IRS is flexible enough and will provide you an extension if you can give them a valid reason, they will come after you if you still mess up your taxes. So, to avoid such a thing from happening, try to be as early as possible when filing your taxes. 

Moreover, ensure that you’re doing it as accurately as possible. after all, tiny errors and mistakes might take away your eligibility for a tax refund!

Total Views: 176 ,
By Michael Caine

Michael Caine is the Owner of Amir Articles and also the founder of ANO Digital (Most Powerful Online Content Creator Company), from the USA, studied MBA in 2012, love to play games and write content in different categories.

Leave a Reply

Your email address will not be published. Required fields are marked *

You May Also Like