There are several reasons why it’s beneficial to file as soon as you can. Just like any other task, procrastinating on your taxes will catch up with you in the long run. Here’s our top 7 reasons to file your taxes early.
1. Receive your tax refund faster
Everyone loves a tax refund. And the sooner you file, the sooner you’ll receive yours. For the quickest refund delivery, file your taxes electronically and choose direct deposit. Start filing for free with TaxSlayer.
Pro tip: Filing goes faster when you have all of your documents ready to go. Our tax prep checklist can help you prepare.
2. Take advantage of every tax break you deserve
It is always better to file your taxes without the added stress of having limited time. If you are rushing to file, you might neglect to claim certain tax breaks.
Luckily, if you file with TaxSlayer, we find all the credits and deductions you qualify for based on the info you provide. File early and let us make sure you get your maximum refund.
3. Have ample time to collect missing documents
Filing early means you have plenty of time to collect documents and verify you have received all necessary tax information. In the event you are missing tax forms, no worries! There are steps you can take to retrieve missing documents. You may have to request an employer to issue a copy of your tax form or contact the IRS directly. When mishaps like this occur, it is always less stressful when you have the advantage of time.
4. Have more time to pay if you owe
If you end up owing taxes, you don’t want to find out at the last minute. If you file at the beginning of the season, you could have as many as three and a half months to figure out how to pay your tax bill.
You can also set up a payment plan with the IRS if you aren’t able to pay by the filing deadline. Either way, filing early gives you more time and options to pay your bill.
5. Find the best filing option
Filing at the last minute means you might choose the first tax prep option you stumble across. Having time to compare options lets you be more selective.
TaxSlayer is here to help. We have several options, so you can find the right one for your unique tax situation and budget. Plus, everyone gets their guaranteed maximum refund and 100% accuracy guaranteed. Compare our online tax software.
6. Experience other financial benefits
Getting your refund sooner has financial advantages. If you use it to pay off debt, you may end up owing less in interest by paying off your debt sooner.
If you want to put it toward a down payment on a house, a car, or a vacation, you will be able to make these purchases sooner.
If you plan to use your tax refund for an application for financial aid, scholarships, a mortgage, or other loans, you’ll know where you stand sooner so you can make a plan if you need to take more steps before applying.
7. Protect your info and refund from identity thieves
If an identity thief gets your Social Security number, they can use it to file a fraudulent tax return. If you file early, you are less likely to experience this issue. While you can usually get this issue resolved, it can delay your refund.
When can I file my 2021 taxes?
TaxSlayer opens in early January each year, and you can start filing as soon as we begin accepting returns. If you don’t have all your forms yet, enter your personal info to get a head start. Remember – the sooner you file, the sooner you’ll receive your refund!