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 your refund. TaxSlayer opens at the beginning of January each year. Enter your personal information as soon as we open. Then, enter your forms as you receive them so you can file as quickly as possible.
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 in April when you have only a few days to find the money to pay your bill. 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 in April. Either way, filing early gives you more time and options to pay your bill.
3. Take advantage of every tax break you deserve
If you are rushing to file at the last minute, you might miss benefits. Luckily, if you file with TaxSlayer, we find all the credits and deductions you qualify for and recommend them to you. But it is always better to file your taxes without the added stress of limited time. 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 choose the right software for you, you can compare all your options.
TaxSlayer is here to help. We have several packages so you can find the right option for your unique tax situation. We also offer a guaranteed maximum refund and 100% accuracy guaranteed to everyone. Learn more about TaxSlayer.
5. Avoid last-minute stress in April
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. You will also be able to apply sooner, which can help your chances of receiving financial aid or a scholarship.
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 more about keeping your tax data safe from fraud here.
When can I file taxes for 2020?
TaxSlayer opened on Jan. 3, 2020. File your taxes online anytime from anywhere with your mobile device. If you don’t have all your forms yet, start your return and enter your personal info to get a head start. Remember – the sooner you file, the sooner you’ll receive your refund.
If you won’t be able to file before April 15th, be sure to file an extension on or before April 15th and pay your tax bill to avoid any late fees.
If you’re not ready to file, see our tax prep checklist to help you prepare.