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Six Benefits of Early Filing of Income Tax Return Do you constantly struggle with your own income tax return? Are you one of those people that get very near the due date while filing your return? To stop this practice of submitting your tax returns so close to the deadline, the following are 6 wonderful reasons to file your own income tax return early. Faster access to a refund If you’re expecting to receive a refund for overpaying your taxes, then it’s best to file your taxes early. You’ll receive your refund sooner when you file early. Also, the IRS will not be as busy in January to March as it’s likely to be in April and after.
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You don’t need to spend the first quarter of the year worrying about April 15 when you can complete the task right now. By avoiding procrastination, you can get a great deal of peace of mind and be more effective and happier in other crucial areas in your life. Avoid needing to pay more due to being late You may think there’s plenty of time to have your return ready on the 14th of April but nobody can tell what might happen. If you’ve got the time right now, please take care of your taxes. If it’s discovered that you owe some money and you file your taxes late, you’ll incur huge financial losses paying interest and perhaps penalties. Give it your best You might do your taxes at the last moment only to find that something is complicating your tax situation even more than usual and that you’ll not have time to know this before you send your return. In addition, if you’re in a rush, it may be easy to make a mess of even the easiest return by making a calculation error or forgetting to input your SSN (social security number). You should take a rushed decision that could result in a costly audit. Avoid loans with high interest rates If there are bills to settle and you’re expecting some refund, you can actually save some money by filing your taxes sooner. Rather than resort to options such as paying your bills late, increasing credit card balance, or securing a payday loan in order to get by till late April to early May, you receive your refund early on and stabilize your finances with it. Protecting your tax return identity from being stolen When a criminal gets your SSN, they have all they need to submit your return. This aim of this scam, of course, is to receive your tax refund, not pay your taxes. This fraud takes place early on during the tax window, way before the majority of taxpayers submit their taxes. Be sure to take every precaution possible to protect your SSN, and if possible, submit your taxes early.