Submit your taxes sooner or later What is best for you?
There are some truckers who like to file their taxes early and other colleagues prefer to file closer to the due date. Tax experts recommend filing taxes early, but there are reasons why you may want to file a little later in tax season.
Advance tax return.
There are a number of benefits to filing your taxes early, the most common are:
You will get your refund faster. The sooner you file your tax return, the faster you can get your tax refund. Just be sure to file electronically and opt to receive your tax refund via direct deposit. If you are not already one of the 8 out of 10 Americans getting a direct deposit tax refund, it is worth considering. In fact, it is the best way to receive your tax refund, according to the IRS, and it is the safest, fastest, and greenest way to receive your refund via a physical check in the mail.
More time to pay your taxes. Filing early can also give you more time to pay if you owe taxes. You will be able to calculate how much you owe and plan to pay before the due date indicated by the Internal Revenue Service (IRS). You can also create an Identity Protection PIN with the IRS to help prevent tax fraud.
You need the required documentation.
For one thing, before filing your tax return, you will need to make sure you have all the required tax documentation. While some forms, like W-2s, need to be submitted by January 31, sometimes they do not arrive until early February. There are also other important tax return forms that could be received after the end of January.
More time to make IRA contributions.
If, for example, you own a small business or are self-employed, you may choose to file your taxes a little later in tax season to give yourself more time to fund your individual retirement account (IRA).
Do not miss the tax deadline
In general, if you have the information required to complete your tax return, there is no problem filing it early. You will have more time to make sure your tax return is accurate, and you will nott risk missing your tax deadline.
When is the tax deadline?
This year, the tax deadline for most taxpayers was April 18.