The 2019 tax season will be interesting since there are a significant amount of changes in the law imposed from 2018. The sooner you mark the date on your calendar to file your tax return, the faster you will feel motivated to have everything in order and start working on that tax report.
Without further delay, this year`s tax filing deadline is April 15, 2019. This information is not particularly surprising, since April 15 was the date on which taxes must be paid. However, during the last two years, the tax filing period was delayed several days because April 15 fell during a weekend and the next day of the week came into conflict with Emancipation Day, a legal holiday in Washington DC. For this reason, there could be a persistent confusion over when taxes should be paid this year.
That being said, it is worth to prepare your taxes well before the April 15 deadline. The sooner you do it, the better it will be for you to get rid of that commitment, regardless of whether you have a refund or if you owe money to the IRS.
Do not wait until the last minute to do your taxes!
Many of us tend to postpone our tax report because meeting the IRS is not exactly fun. But the longer you delay that report, the more you can lose. First, if you have a refund from the IRS, you will not be able to obtain it until your return is sent. Second, if it turns out that you owe money to the IRS, it will be helpful to know how much you owe as soon as possible, so you will have time to collect that money, instead of having to fight in the last moment. Or worse, lose the April 15 deadline and start accruing interest on fines over the amount you owe.
What else should you do, as soon as possible this tax season?
Find a good tax preparer. The changes in the tax codes in 2018 could make this tax season more confusing compared to previous years, so if your statement is somewhat complicated, it could be useful to have the help of a professional.
While it may seem that you have enough time to declare your taxes before the deadline, the truth is that it never hurts to get ahead.