Why should you file your taxes as soon as you can? The simplest reason is because you’ll get your refund quicker.
Filing electronically is also more secure than putting your taxes in the mail. The one time it’s okay to wait is when you owe money.
It’s better to keep your money and possibly gain interest on it versus giving it to the government early.
Another reason to file early, you can catch mistakes… or your tax preparer can!
“If you are filing taxes that are at all complicated, a professional tax preparer can make sure you don’t have any unpleasant surprises,” said Brian Singer of Singer Financial Group. “They can also get you the maximum return. It’s also a reasonable fee that will repay itself many times over.”
If you’re in a hurry and you make a simple mistake—even if it’s not your fault—that could lead to penalties or even audits.
Those mistakes can cost you money. Another reason to file early is something most people don’t know about. It will help students who are looking to get financial aid.
“If you have someone in your house that’s going to college, and you’re going to file for that student aid, you’ll speed up that process because when you are filling out your financial aid forms, you can link your completed taxes to the FAFSA form,” said Singer.
The deadline to fill out the FAFSA form is well before your taxes are due in mid-April! The deadline is March 10th, so get your taxes done early.