Top 5 Reasons Not to Procrastinate Filing Your Taxes
Top 5 Reasons Not to Procrastinate Filing Your TaxesHere are five reasons why you should not procrastinate filing your tax return:
Tax Identity TheftAccording toa reportby the Government Accountability Office, the IRS estimated that it prevented $24.2 billion in fraudulent identity theft refunds in 2013. Therefore, to minimize the risk, taxpayers should file their returns as early in the season as possible. After your return has reached the IRS, they will not accept any other return filed in your name by scammers.
Early Tax RefundAlmost 75% of Americans receive a tax refund each year. By filing your return early, you can receive your refund sooner. The sooner you receive it, the earlier you can invest or spend your money.
Owing More Than You PaidIf you file your tax return a few days before April 18, you may believe that your yearly tax duty is over. There is always a chance, though, that you will receive an IRS notice informing you that you owe more than you paid. Filing in haste can cause mistakes that can only be corrected by filing an amended return. If you miss the filing deadline, the IRS begins to charge penalties and interest on any taxes due.
Sufficient Time, Less MistakesWith adequate time to prepare and review your tax return, you minimize the chance for errors. If youre filing in a rush, you could miss a credit or deduction that could save you hundreds in taxes. Tax return errors can potentially lead to an audit.
Availability of Return PreparersThe longer you wait, the narrower your filing options become. Many of theCPAsin your area may be already booked, leaving you with fewer choices. There may be long lines forming the closer the filing deadline gets.
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