There are several reasons why it’s beneficial to file as soon as you can. Just like any other task, procrastinating on your taxes can hurt you in the long run. Learn the top 7 reasons to file your taxes early below.
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. Have more time to pay what you owe
If you end up owing on your tax return, you don’t want to find out 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.
3. Take advantage of every tax break you deserve
It is always better to file your taxes without the added stress of limited time. If you are rushing to file at the last minute, you might miss the chance 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. Take your time and be thorough to make sure you get your maximum refund.
4. Find the best filing option
Filing at the last minute means you might choose the first tax prep option available to you. But if you have time to compare options, you can 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. We also offer a guaranteed maximum refund and 100% accuracy guaranteed to everyone. Compare our prices.
5. Avoid last-minute stress
No one likes extra stress. The longer you wait to file, the less time and flexibility you have. File early to avoid the last-minute rush, which can lead to mistakes on your return.
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 if you can pay 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 return 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 theft gets your Social Security number, they can use it to file a fraudulent tax return. If you file early, you are less like to experience this. While you can usually get this issue resolved, it can take a long time to receive your refund. Learn about keeping your tax data safe.
When can I file my taxes for 2021?
TaxSlayer opens at the beginning of 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!
This article was last edited on September 22, 2021.