Have you started filing your taxes yet? It’s easy to put off something as headache-inducing as your tax return as long as possible, but there are a number of advantages to filing early. Tax season 2014 has only been open for a little while, officially starting on Friday, January 31, but already people across the country are awaiting their refunds, courtesy of filing early.
Wouldn’t it be easier to get your tax preparation over and done with ahead of time? We certainly think so. In case you aren’t entirely convinced, this article will hopefully change your mind.
Six reasons you should file your taxes early
1. Get your refund faster: The most obvious reason to file your taxes early is to help speed up your refund. Those who e-file with the direct deposit option are generally going to see their refund several weeks earlier than those who await a paper check. Even if you’ve got a complicated return or want your refund by check through the mail, filing as early as possible is the best way to ensure you receive your refund in a timely fashion.
2. Catch problems ahead of time: Filing your taxes can be headache-inducing even when your financial information is fairly simple, but what if there’s a big problem? The last thing you want is to realize you have an issue right before the April 15 deadline and have to scramble to address it. Additionally, if you file early you won’t be as rushed as you might be with a deadline looming. This can keep you from making costly mistakes that could potentially cause the IRS to audit.