18 Reasons Why You Should File Your Taxes Before April 18th
18 Reasons Why You Should File Your Taxes Before April 18th
It is officially tax season, which could be viewed as a very negative time and not a fun task for many people. We, at Woodlands Tax, happen to thrive on taxes! But, we know this is not the case for many people, which is why we’ve come up with a list that we hope inspires you.
Here are 18 simple reasons why you should file your taxes as early as possible.
- Avoid late penalties
If you file your taxes after the deadline, you may be subject to late-filing penalties and interest charges.
- Get your refund faster
If you’re entitled to a refund, the sooner you file your taxes, the sooner you’ll receive your money.
- Reduce the risk of identity theft
You can reduce the risk of someone filing a fraudulent tax return by using your personal information if you get your tax return filed in a timely manner.
- Meet state filing deadlines
Some states have different filing deadlines than the federal government, so filing early will ensure you meet all of your obligations.
- Plan for tax payments
If you owe taxes, filing early will give you more time to plan how you’ll make the payments.
- Have more time to correct errors
If you start the filing process early and discover an error, you’ll have more time to correct it before the deadline.
- Avoid the last-minute rush
Filing early will help you avoid the stress and anxiety of waiting until the last minute to file your taxes.
- Have more time to prepare
Starting the tax filing process early will give you more time to prepare and gather any necessary documents and complete your tax return.
- Get professional help
If you need help from a tax professional, you’ll have an easier time scheduling an appointment with one if you request it early.
- Minimize tax liability
Filing early gives you more time to strategize and minimize your tax liability.
- Apply for financial aid
If you need to apply for financial aid for college, you’ll need to have your tax return completed.
- Apply for loans
Some lenders may require a copy of your tax return when you apply for a loan, so filing early can help expedite the process.
- Plan for retirement contributions
Filing early gives you more time to plan and make contributions to your retirement accounts.
- Plan for charitable contributions
Filing early gives you more time to plan and make charitable contributions throughout the rest of the year.
- Avoid last-minute technical glitches
Reduce the risk of any technical glitches that could happen at the last minute and prevent you from filing your taxes on time.
- Avoid the procrastination habit
Beat the bad habit of procrastination and file your taxes early. Procrastination can have negative effects on many areas of your life.
- Have more time for other activities
Free up your time to focus on other activities, such as work, family, and hobbies by completing your taxes before the deadline.
- Peace of mind
Filing early gives you the peace of mind that comes with knowing you’ve completed an important task, and you won’t have to worry about it anymore.
We hope these simple reasons inspire you to get your documents together to begin the tax filing process. If you have any questions or would like to see if we can help with this process, give us a call today!