Being punctual and on time in everything you do is always beneficial for an individual and the society. A person who is well organized and efficient in their tasks is a quality that is greatly admired and respected in our busy, multi-tasking era where anyone who is not at par with the fast pace is ultimately left behind.
Because we are tax services providers, we know that with the bulk of the population all accessing or utilizing one service such as filing for their tax returns, time management and punctuality take on a whole new meaning. Although finance experts cannot agree on the best time to submit your taxes, it is well understood that taxes should not be submitted after the specified deadline.
Furthermore, choosing to submit your tax returns early greatly depends on your tax history. However, before you have fill in the forms and choose to submit your taxes early, here are a few pros and cons to consider:
Availability of Accountants and Tax Attorneys
If you do not enjoy the hassle of preparing your own tax returns, you can easily find an accountant or a tax attorney to help you out. With your decision to submit the returns in early, you will find that there are more accountants and tax attorneys available. Due to the fact that filing taxes is an extensive and time consuming task, if you wait till tax season, you might not find anyone available. Even if they are available, they are often overbooked and can only spend a limited amount of time on you.
Early Submission means Early Refunding
If you do not owe any debts, fines or penalties to the IRS on your taxes, chances are you’ll be getting a refund. However, if you file your taxes during the tax season near the deadline, don’t expect any money for a little while. The IRS is busy processing everyone’s last minute submissions and it can take around a month before you get to see your beloved refund. Therefore, if you file your tax returns as soon as possible, you not only get processed through more quickly but you also get your tax refund within a week or two.
If you submitted all your data and then realized you made a mistake, early submission can allow you to re-assess and add the correction in your forms. This is much better than having to deal with a fine or penalty incurred because you submitted the form late and could not have the correction made.
Amendments to the Policies
One requirement in the process of submitting your files early is that you should calculate and estimate the taxes on the basis of the IRS’s current policies and use their current tax returns forms. However, the IRS can often announce last minute changes and introduce new forms for the up-coming year’s taxes. If you have submitted the tax returns, you might have to contact the IRS, cancel the submitted, old forms and re-submit your data all over again. Fortunately, this doesn’t happen very often but some people would rather deal with the rush hour than re-write and reevaluate their taxes.
If you require any more information regarding tax returns, tax debt payments and procedures; please feel free to contact us at 407-344-1012 for more information.