Top Reasons to Get Your Taxes Done Early
Top Reasons to Get Your Taxes Done Early
The 2019 tax season is set to kick off next week. That means now is not the time to be a procrastinator. Millions of taxpayers hate this time of year. So instead of filing their returns early, they put their taxes in the back of their mind. But waiting to file your taxes is not a solution. You’re only delaying the inevitable. Sooner or later you’ll have to face the music. So why not get after your taxes early this year and avoid the stress later? In fact, there are numerous reasons to get your taxes done early.
You’ll Get Your Refund Faster
The most obvious reason to file your return early is that you’ll get your refund earlier – if you have a refund coming. When you file early, your return will be one of the first ones reviewed by the IRS. And if you file electronically, you’ll likely get your refund within two weeks, sometimes even quicker. Plus, if you need that money to help pay some bills, or to invest for the coming year, you will have it at your disposal much sooner.
More Time to Pay Off Taxes You Might Owe
If you’re one of the unlucky taxpayers that doesn’t get a refund, you’ll also want to file your return early. That’s because if you owe the IRS money, you’ll have longer to pay it off. For example, if you file at the end of January that gives you two and half months to make payments before the April 15 deadline. That gives you more flexibility, which can help you avoid any penalties and interest.
Prevent Identity Theft
Tax time is one of the worst times of the year for taxpayers when it comes to tax scams. Scammers are working extensively to steal your tax refund. Not only are they trying to steal your refund before you can claim it, but also they might be looking to steal your entire identity. This can lead to huge problems, both now and going forward. By getting your return in early, you can prevent scammers from intercepting your refund and stealing your identity. Because once you have filed they can no longer file your return.
Avoid Filing An Extension
For some taxpayers filing an extension in order to meet the April 15 deadline is inevitable. But for many taxpayers, filing an extension is very avoidable. If you start early, you have a better chance of gathering all the information you need and getting your return in on time. If you wait till the last minute, the chances are greater that you’ll have to file an extension. If you end up owing money, you’re still responsible to pay off what you owe. An extension only covers the time you have to file. That means you might have to pay penalties and interest until you pay off your tax debt in full.
There are plenty of good reasons to be an early bird and get the worm. This year, don’t put your tax return off. Instead, get it done early and enjoy that feeling of having it done!
We hope you found this article about “Top Reasons to Get Your Taxes Done Early” helpful. If you have questions or need expert tax or family office advice that’s refreshingly objective (we never sell investments), please contact us or visit our Family office page or our website at www.GROCO.com. Unfortunately, we no longer give advice to other tax professionals gratis.
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Alan Olsen, is the Host of the American Dreams Show and the Managing Partner of GROCO.com. GROCO is a premier family office and tax advisory firm located in the San Francisco Bay area serving clients all over the world.
Alan L. Olsen, CPA, Wikipedia Bio
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The American Dreams show was the brainchild of Alan Olsen, CPA, MBA. It was originally created to fill a specific need; often inexperienced entrepreneurs lacked basic information about raising capital and how to successfully start a business.
Alan sincerely wanted to respond to the many requests from aspiring entrepreneurs asking for the information and introductions they needed. But he had to find a way to help in which his venture capital clients and friends would not mind.
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Introduction: In this interview, Alan Olsen, CPA and featured guest Micah Fink discuss how Horses and Heroes use horses to aid veteran care and much more. Transcript: Alan Olsen Welcome to American Dreams. My guest today is Micah Fink, CEO and founder of Heroes and Horses. Micah, welcome to today’s show. Micah Fink Alan, thank…
Introduction: Two dad’s discussing life balance in the hectic world of IPOs with featured guest, Travis Combs, Managing Director at the Effectus Group. In this interview, Alan Olsen, CPA, MBA and Travis address family, faith, career, client’s best interest, and trying to strike a balance. Transcript: Alan Olsen Welcome to American Dreams. My guest today is…
Introduction: A candid discussion about investment banking and philanthropy with Mike Bennett, Managing Partner of Crewe Capital. In this interview, Alan Olsen, CPA, MBA and Mr. Bennett open a window into his Crewe Capital‘s early beginnings the connection between investment banking and philanthropy. Transcript: Alan Olsen 0:01 Welcome to American Dreams. My guest today is…
Introduction (teaching business success at Barr Business School) In this interview, Alan Olsen, CPA, MBA discusses teaching business success with Dr. Frumi Rachel Barr. Dr. Frumi Rachel Barr is the Founder and Chief Mentor at the Barr Business School. Transcript: Alan Olsen Hi, this is Alan Olsen and welcome to American Dreams. My guest today is…