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.
To receive our free newsletter, contact us here.
Subscribe to our YouTube Channel for more updates.
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
GROCO.com is a proud sponsor of The American Dreams Show.
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.
The American Dreams show became the solution, first as a radio show and now with YouTube videos as well. Always respectful of interview guest’s time, he’s able to give access to individuals information and inspiration previously inaccessible to the first-time entrepreneurs who need it most.
They can listen to venture capitalists and successful business people explain first-hand, how they got to where they are, how to start a company, how to overcome challenges, how they see the future evolving, opportunities, work-life balance and so much more..
American Dreams discusses many topics from some of the world’s most successful individuals about their secrets to life’s success. Topics from guest have included:
Creating purpose in life / Building a foundation for their life / Solving problems / Finding fulfillment through philanthropy and service / Becoming self-reliant / Enhancing effective leadership / Balancing family and work…
MyPaths.com (Also sponsored by GROCO) provides free access to content and world-class entrepreneurs, influencers and thought leaders’ personal success stories. To help you find your path in life to true, sustainable success & happiness. It’s mission statement:
In an increasingly complex and difficult world, we hope to help you find your personal path in life and build a strong foundation by learning how others found success and happiness. True and sustainable success and happiness are different for each one of us but possible, often despite significant challenges.
Our mission at MyPaths.com is to provide resources and firsthand accounts of how others found their paths in life, so you can do the same.
The vast majority of Americans get a tax refund from the IRS each spring, but what do you do if you are one of those who have received a tax bill? What do you do if you owe money to the IRS and can’t pay? The IRS encourages you to pay the full amount of…
How Some Big Companies Are Maximizing Their Tax Benefit There’s no question that the IRS is always looking for ways to get every penny they can from the nation’s taxpayers, whether they be individuals or businesses. On the other hand, many are also doing whatever they can to pay as little as possible, some, even…
Federal Government Still Facing Huge Deficit Does it seem like no matter how much money the federal government collects in tax revenue, they will still never have enough? For a lot of people the, answer is a resounding “yes.” The country’s Monthly Treasury Statement lends even more credence to that belief. What does the Treasury…
The IRS is Not a Bully You can poke a bully in the nose. This is the third installment of “The IRS is Not a Bully” series, identifying taxpayer concerns and the difficult position in which Congress puts the IRS. Namely, applying ever increasing pressure to operate in ways its founders never intended, until it’s…