In Protecting Your Tax Return we looked at filing a return early this year to protect against identity theft. This remains a very important reason to file early, but are there other benefits to be gained as well?
- Filing early means getting your tax return early – and who couldn’t use some quick cash?
- It also allows some breathing room in case you find additional forms, receipts, or paperwork that are missing. Have you ever taken your tax paperwork in, only to discover you were missing an investment form that you needed to track down? Or a home mortgage document that you can’t remember where you placed? Filing early prevents the mad scramble for loose ends at closing time.
- And filing early means preventing fines and fees charged by inadvertently filing past the deadline. However, if you know you’re facing a delayed filing, request an extension in advance and you can likely avoid these fees.
- If you do owe money, filing early allows more time to save the money needed than at the last minute.
- In general, it is much easier to get an appointment with your tax preparation firm early in the year. Appointments and time available can fill up quickly in March!
- For those with deadlines for student financial aid filing, having your taxes completed early will help! This holds true for anyone who needs tax information for purchasing a new home.