Taxes are easy to put off. Not only do they take forever to complete, but they're confusing and nearly impossible to do on your own. Decades ago, taxes could take people weeks or even months to do properly by themselves. However, nowadays, we have professionals who are dedicated to helping you get the most out of your tax return, as well as easy-to-use software that only requires you to type in a few numbers and click. In today's blog, the tax law experts at the Law Offices of Charles R. Frazier in Nashville will go over a few reasons why you should do your taxes as early as possible.
Get Your Refund Faster
It's no rumor that tax returns can take a long time to show up in your mailbox. However, filing your tax return early will help you get your return quicker. As the age-old saying, “early to bed, early to rise” goes, the same can be said for your tax return. The earlier you file your return, the earlier you'll get it back, especially if you submit it electronically and opt for the direct deposit option rather than a standard check. By filing your return electronically, as you can with most tax software, you'll speed up the process of your tax return quite a bit.
Identity theft has run rampant in the United States over the past decade or so. If thieves get access to your Social Security number, they have everything they need to not only steal your identity, but file a false tax return in your name. If you have your identity stolen and a thief files a tax return in your name, not only will you not get your tax return, but you'll have a heavy uphill battle to fight in order to prove that you are the real you. After that, you'll have to enter a pin number every year in order to file your taxes. Tax identity theft usually happens early in the year, so filing your taxes early can prevent thieves from stealing your identity and your tax return.
Extra Time to Pay
If you owe money to the IRS, filing your taxes early will give you extra time to get your finances in order and pay. When you owe money during tax season, you don't have to pay until the deadline in mid-April. That means if you file your tax return in January, you'll have about three months to come up with a plan and pay the IRS. Even if you owe money, filing your taxes early will let you know exactly how much you owe the IRS, which could have changed since the last time you checked.
Do you plan on buying a new house or going back to school this year? Then, filing your taxes as early as possible will help you get the financial information you need for these big life decisions. For bigger financial endeavours, you'll need proof of income, but when you apply for financial aid or try to buy a house, you'll need your tax return in order to do both. When you file your tax returns early, whether you owe money or you expect to get some back, you'll get the paperwork you need in order to complete your financial aid and proof of income forms.
If you need legal information or help when it comes to your taxes, partner with the Law Offices of Charles R. Frazier, your local tax attorney in Nashville. Our tax lawyers will fight to get you what you deserve. Learn more about our knowledgeable tax attorneys, see how our attorneys can help you, or contact the Law Offices of Charles R. Frazier to set up your appointment today.