Being punctual and on time in everything you do is always beneficial for an individual and 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 most of the population accessing or utilizing one service, such as filing 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, filing your tax early 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 tax returns, you can easily find an accountant or a tax attorney to help you out. With your decision to submit the returns early, you will find that there are more accountants and tax attorneys available. Because filing taxes is an extensive and time-consuming task, you might not find anyone available if you wait till tax season. Even if they are available, they are often overbooked and can only spend a limited amount of time on you.
Filing Your Taxes Early 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 get processed more quickly and your tax refund within a week or two.
In addition, by filing your taxes early and getting an earlier refund, you can reduce the risk of identity theft. According to the US Census Bureau’s Survey of Income and Program Participation (SIPP), about 5 percent of those who filed their 2009 taxes had fraudulent refunds applied to their accounts within one year of filing their taxes. The risk increases when people wait until later in the season to file their tax returns because there are fewer people ahead of them in line at the post office or other government office locations where they may need help with their returns or questions about their refunds.
If you submitted all your data and realized you made a mistake, early submission can allow you to re-assess and add the correction to your forms. This is much better than dealing 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 submitting your filing your taxes early is to calculate and estimate the taxes based on 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 upcoming 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. 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 more information regarding tax returns, tax debt payments, and procedures, please contact us at 407-502-2400 for more information.
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