I know what you’re thinking- taxes are horrible, why would I want to start them early? Well, they’re unfortunately an unavoidable evil. So instead of putting them off and being stressed about them at the last minute start early and give yourself more time to breath. Below are the reasons why you should consider filing your taxes early.
- More time to pay– The earlier you file, especially if you owe money, the more time you have to arrange a payment schedule or get together the money.
- Faster tax refunds– Refunds are handed out first to those that submitted them the earliest. Wouldn’t it be great to have that refund money sooner?
- Avoid a tax extension– the earlier you sit down and start to do your taxes the longer you’ll have to gather and sort your financial data. Doing this earlier helps you avoid having to ask for an extension and paying fines.
- Updated financial information– Updated financial data is vital, especially if you have an expensive life moment coming up like student loans. The sooner and more updated your information is the more your accountant can help you.
- Extra time to ask for help– Maybe you sit down and two hours in you realize you’re in over your head. Well, if you start early you have time to seek out an accountant to help you
- Accountants are less busy– Tax season is the busiest time for accountants, if you wait to do yours when everyone else is your accountant’s time is going to be more divided and you might not even get an appointment.
Filing early, or at least getting started on your taxes early, is always a good idea. Talk to your accountant about how best to get started and submission dates.