Five Reasons to Get a Jump on Filing Your Taxes

Provided by Whitlock Wealth Management

Filing your income tax return is an easy task to put off until a later time. If you are like most people, you often wait until just before the April 15 deadline to get the job done. This year, considering giving yourself a head start. Here are five ways getting a jump on tax filing could benefit you:

#1 – If you have a refund coming, you’ll collect it sooner

This may be the best reason to get your tax filing done now. If you expect to earn a refund when you file your tax return, you may get your money sooner. In the past, refunds have typically been processed faster in the early weeks of filing season when the volume of returns are lower. Why not get the money that’s owed to you as soon as you can?

#2 – If you owe money, you can wait to pay it

If you are concerned that once you complete your tax return you will owe additional taxes, you can still wait until the April 15 filing deadline to make your payment. By preparing your return early, you’ll know in advance what your cash needs will be by the due date. However, be aware that if you forget to make your payment by the deadline, you may end up owing interest and penalties.

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