Yes, I know that filing your income tax is another task on your to-do list. It takes time to gather your documents and more time to file the return. These are some of the reasons you should file sooner rather than later:
- If you are receiving a refund, you will get your money sooner.
- If you owe taxes, you will know how much money you need to gather to make your payment by April 15. Your payment isn’t due until April 15 regardless of when you file your return.
- The sooner you know your financial picture; you can make changes earlier in the year to your withholding’s (both state and federal) to adjust amounts is what is being withheld.
- To prevent fraudulent tax returns being filed in your name. Yes, identity thieves do this. But they can’t if you have already filed your return.
- By waiting, you may have to file an extension if your tax preparer cannot complete your return by April 15. Remember that if you owe taxes, they are still due by April 15, whether on extension or not,
- Lastly, It’s done and you can check this off your to-do list.
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