Have you started your deposit yet taxes? It's easy to put off something like headache inducing your tax return as long as possible, but there are a number of benefits for early deposit. The season of 2014 taxes has only been open for some time, officially beginning Friday, January 31, but already people across the country are awaiting their redemption, courtesy of the early deposit. Would not it be easier to get your tax preparation and done with advance? We certainly think. In case you are not completely satisfied, this article will hopefully change your mind.
Six reasons you should file your taxes early
- Get your refund faster: The most obvious reason to file your taxes early is to help speed up your refund. Those who e-file with direct deposit option is usually to see their repayments several weeks earlier than those who wait a paper check. Even if you have a complicated return or want your refund check by mail, as soon as possible filing is the best way to ensure that you receive your timely repayment.
- Catch problems early: Filing your taxes can be headache inducing even when your financial information is fairly simple, but if there is a big problem? The last thing you want is to realize that you have a right to transmit before the deadline April 15 and have to scramble to fix it. Also, if you file early you will not be as anxious as you might be with a deadline looming. This can prevent you from making costly mistakes that could cause the IRS to audit.
- More flexibility to pay for what you need: Think you could end up owing money? The sooner you file, the sooner you can find out exactly how much you need for the Federal and / or state. Once you find your balance due, you can pay immediately or take the time to save money before April 15 so you do not need to file an extension. Keep in mind, if you file an extension with money due, the IRS will charge interest and penalties until the debt is satisfied. So if you are worried you might have many, filing early to know how much it is and get paid over time is the best choice.
- Sharpen organizational skills: If you got married or started college, chances are you have a lot of paperwork together to file your tax return. As with # 2, the best way to avoid a sticky situation is to be ahead of the game. The sooner you start the deposition process, the sooner you collect all the necessary documents and information to ensure accurate performance. Having everything in front of you accelerates the process closer to your refund (or at least be is with the fees for another year).
- Skip the lines at the post office: By this point, we think you should probably electronic filing because it is fast, easy and effective. But if you're one of those people who wishes to file taxes on paper by post, making in advance will save a lot of hassle. Post offices become increasingly crowded as April approaches, to get your taxes finished soon and post them before the rush.
- Protect yourself against identity theft: This is one you have probably not thought of. the Tax Identity theft is a growing problem in the United States, with more than 14.6 million tax returns suspicious marked by the IRS since 2011. Thieves often use personal information of their victims to file for fraudulent tax returns hoping to receive reimbursement from the taxpayer before can. So the more you produce, the less risk that someone else file using your identity before you can.
Whether you are ahead of the game or just getting started, a lot of help and easy deposit options can be found by using a tax preparation service like H & R online Block or TurboTax. To learn more about how these and other services can help you defeat the tax monster easily and early, visit our review page tax preparation and tax bookmark our blog to read more advice on carrying out the work of the tax season for you.