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Should You File Your Tax Return Early?

Many consumers put off preparing and filing their tax returns until the final moments in mid-April, while seemingly only a few will file as soon as possible.

Yet it probably makes sense for many to file early, rather than at the last minute. In fact, rather than waiting and then rushing to file just before deadline, you and your family should consider filing as early as possible.

Here are key reasons to consider filing early:

Plenty of perks
There are many benefits to filing your taxes early, even if you are going to owe money to the IRS. Intuit, a popular tax filing service, notes that individuals who will need to pay the IRS should file early so that they will have more time to pay off the debt before the April 15 deadline.

The firms also notes that individuals who are looking to purchase a home or a car, or begin taking classes at a university, will benefit from early filing to ensure their finances are straight before those high-profile expenses enter the equation. Intuit also argues that early filers are less likely to be impacted by tax return identity theft.

Furthermore, USA Today points out that individuals who file early will tend to enjoy a quicker turnaround time on their returns, as the largest portion of the population will send theirs in later. Regardless of your current situation, filing early is a great idea.

Be prepared
If you have not yet received all of the forms (such as W2 and 1099 forms) you need to complete your taxes, ask your employer. For other forms such as receipts for rental property income and energy-efficient home improvements, it’s up to you to start and complete those for your own tax return. The IRS notes all contract workers will need a 1099 form from every job they held that paid them more than $600 in the tax year. You might also need to speak to your lenders if you paid student debt, paid mortgage interest or purchased a home. 
Many banks, lenders, employers and others will try to get you the forms as early as January if possible.If you have not yet received this paperwork, this might be an issue that demands your attention. Get on the phone and get your paperwork to ensure you get the earliest and highest possible refunds (if they are due to you) from the IRS and your state this year!

SOURCE - Selective Insurance - Should You File Your Tax Return Early?

Posted Thursday, March 16 2017 10:27 AM
Tags : Taxes

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