Five Reasons to Get a Jump on Filing Your Taxes

#3 – You will have a better grasp of your expenses

If you plan to itemize deductions, the sooner you start your return the more time you have to gather the necessary records. Those who wait until the last minute to file too often find themselves scrambling to pull together their financial documents or forget about potential deductible expenses or reportable income. By taking more time to double-check your potential deductions, you may reduce your final tax bill or receive a larger refund.

#4 – You may get more time and attention from your tax preparer

As the tax filing deadline approaches, tax preparers are often overrun with demands from their clients who waited until the last minute to get their taxes done. Your preparer may have more time to help make sure you’ve covered all of your bases if you work with them well in advance of the deadline.

#5 – The risk of identity theft is reduced

A more common crime in recent years has involved the filing of fraudulent tax returns. Scammers may be looking to collect a tax refund utilizing your Social Security number. If you file early, you’ll already have your tax return on record and it will alert tax agencies that a second, phony return has been filed in your name.

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