Top reasons to file taxes earlyPosted: Updated:
PHOENIX -- When it comes to filing our taxes, there are two schools of thought.
Some people like to put it off until the last minute, but others get it done as soon as they can just to get it over with.
According to www.usnews.com and other sources, it might be better for your wallet and your mental health if you file early.
Why? Well, I’ll start with the obvious: You get your refund faster.
Some experts say that if you file in mid- to late February and you have a refund coming, then that refund should reach you in around two weeks. However, the longer you wait, the turnaround time is stretched.
Another reason to file early is to reduce stress.
Collecting records and receipts for the IRS is time consuming.
If you're relaxed and go through stuff slowly, you are less likely to make mistakes.
Rifling through your paperwork because the deadline is approaching can cause you to make mistakes.
Another motive to file early is so that your tax preparer is more alert.
As the deadline approaches, tax professionals are in a crunch to get everyone filed on time. But if you get it in early, your preparer is better equipped and less stressed.
It also gives you a grace period. If you file early and discover you made a mistake, you have time to amend your taxes without being penalized by the IRS.
Find a mistake after the deadline, and the IRS will nail you.
Finally, your tax preparer might charge you less if you get it in early. If you wait too long, preparing your taxes will get more expensive.