Why file your tax returns ASAP?
The tax filing season has opened up to individuals. The Internal Revenue Service has shifted the deadline for tax filing to April 17, 2018. The filing deadline was extended by two days (usually, it is April 15 every year) because 15 April 2018 falls on a Sunday. The 16th is observed as Emancipation Day, a holiday in Washington D.C. Just like any other Federal holiday, Washington holidays have an impact on the deadline for filing tax returns. Tax filers must regularly check the IRS website for the latest updates.
The IRS had announced Jan 29th as the official day of the start of tax season 2018. A projection indicates that 155 million tax returns will be filed for the financial 2017. 70% are expected to receive a refund. Though the IRS hasn’t promised a refund date, it is anticipated that more than 90% of the tax submitted will receive the refunds within 21 days. It is apparent that the sooner you file your tax returns, the sooner you are going to be refunded.
Why do we keep saying, earlier the better? Tax filing can be very time consuming if you don’t have the right documents and details for filing. Getting ready for filing is a tedious process. Gather all information on income statements and receipts for filing Form W-2 and Forms 1099. Itemized record of health insurance, job expenses records, charitable donation record and details on personal information.
- Support appropriate documents for every expense and income must be by .
- Make certain that you procure the W-2 from your employer well in advance.
Let’s discuss the reasons why we need to get our act together to file early returns.
Larger refunds for early filers
Data provided by the IRS reveals that early bird taxpayers enjoy a larger refund amount when compared to the others who file in later. The other reason is to ensure you are eligible for the claims on all deductions. It goes without saying that itemizing your deductions can get you larger refunds, though the documentation for the same is time-consuming.
You don’t need to cut back on your resources to rush into an early filing, rather find an expert tax returns Preparer to make the filing right on time.
Hassle-free filing of returns
Whether you file your tax returns on your own or engage a pro, fix your own deadline well ahead of the April deadline. Feel relaxed and satisfied with the thought that your taxes for the year is taken care of while everyone you know is rushing to get it done.
Refunds protected from identity thefts
The early tax filing may not ensure identity theft using your Social Security Number, but it makes certain you get refunds on time.
Early filing allows time to make payment plans
Once the tax returns for 2017 is completed, the estimated tax to be paid will be determined by the filer or his tax expert. Now, you have more time on hand to get the money ready instead of breaking into some emergency fund. So, to buy time and get it paid, you have to assess your taxes, prepare all the relevant forms and documents well before the deadline – 17 April 2018.
Easy accessibility to tax professionals
Closer to the deadline, tax filers who are procrastinators would find it difficult to get a good tax professional as they will be busy doing crunch time this season. As a matter of fact, the tax deadline is getting closer, it’s high time you fix an appointment with your tax expert.
Added to all the issues mentioned, tax professionals may tend to charge more when there is less time for assessment. Start today! Call our tax advisor to whom you can entrust your filing for maximum tax deductions.
It’s time for a better bookkeeping & tax service for your small business