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6 Benefits of Filing Your Income Tax Return Early 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 avoid this habit of filing your income tax return so near the due date, here are 6 irresistible benefits of filing income tax returns early. Access your refund faster If you’re expecting some refund after overpaying your taxes, it makes perfect sense to file your return early. When you file early, you receive your refund faster. 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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Why spend the first quarter worrying about the 15th of April when you can finish the job now? Once you avoid procrastination, you can have considerable peace of mind and get happier and more efficient in other crucial aspects of your life. Avoid getting late and having to pay more You may think you’ll have lots of time to get your return ready on 14th April but you never can predict what might happen. If there’s time now, please sort out your taxes. If it’s found that you owe cash and you file late, you’ll waste lots of cash paying interest and probably penalties. Give it your 100% You might handle your taxes at the very last moment only to discover that there’s something complicating your tax situation more than you know and that won’t you get time to find this out before submitting your return. Addition, if you’re in haste, it could be easy to spoil even the simplest tax return by not putting in your SSN or making a mistake in calculation. You shouldn’t make a hasty decision that could lead to an expensive audit. Avoid loans with high interest rates If you’re expecting some refund and have got bills to take care of, filing your taxes sooner can really save your money. 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. Preventing theft of tax return identity When a criminal gets your SSN, they have all they need to submit your return. The purpose of this fraud, of course, is to get your tax refund, rather than 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.