Every year, Americans wait until the last minute to file their taxes. It’s stressful, it’s chaotic and very often it means you make mistakes. How often have you thought, “Not again! Next year will be different!”
Then next year comes and there you are again. Scrambling at the last minute to get everything together so you can file.
Here are 3 very good reasons to make this year the year you file early!
Get a faster refund
Filing your return electronically and with direct deposit is the fastest way to receive a refund. Why wait until April? The faster you file, you’ll get the refund you’ve been waiting for.
“The IRS reminds taxpayers that, by law, the IRS cannot issue refunds claiming the Earned Income Tax Credit (EITC) and the Additional Child Tax Credit (ACTC) before mid-February. While the IRS will process those returns when received, it cannot issue related refunds before mid-February. The IRS expects the earliest EITC/ACTC related refunds to be available in taxpayer bank accounts or on debit cards starting on Feb. 27, 2018, if they chose direct deposit and there are no other issues with the tax return.” Via IRS.gov
Get it over with
Why drag out the process? Once you’ve got your documents in order, file the return and you’re done. While everyone around you is feeling the stress on April 17, you’ll have moved on and will be focused on your goals in 2019.
Avoid tax return identity theft
Possibly the biggest reason to file early this year is to avoid tax return identity theft brought on by the Equifax data breach last year. Among the information exposed were social security numbers and other personal information. This could potentially allow someone to file a return for you and collect your refund before you know what has happened.
Our advice? Take the time now to get all of your information together so you can file your 2018 taxes as soon as possible.
Monitor your tax record. The IRS offers online access for taxpayers who want to see details of their tax account.
Get help from a qualified tax professional who can help you determine if you’ve missed anything. At Johnson Financial, we offer several ways to help our clients submit tax information in a secure environment, without having to schedule an appointment and come into the office.
Do you have questions about protecting yourself this tax season? Contact us. We’re always happy to help!
