Six Reasons to Get Your Tax Return Prepared Early

by Moskowitz LLP
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Don’t wait until April 17th to file your tax returns! The IRS begins accepting tax returns in January and we recommend filing as early as possible for numerous reasons, including but not limited to:

1. Faster Refund
There is no reason to leave your tax refund in government hands any longer than is necessary. Taxpayers who are the first to file are the first to receive their refunds – e-filing your return, with instructions for the IRS to direct deposit your refund into your bank account, will speed things up even more.

A faster refund means more disposable cash to pay bills, reduce your 2017 tax bill by contributing to a pension plan, some of which can be opened in 2018 but with a tax deduction for 2017, and/or begin tax planning for 2018 (there are a lot of tax changes beginning 2018).

If you owe money, or are concerned that you might, you find out earlier and this gives you more time to plan for it. Whether you have to borrow or set up a payment plan you are ready, and avoid the mistake of panic and/or not filing and avoid the tax penalties that go along with failure to pay or file.

2. Prevention of Identity Theft
If an identity thief acquires your social security number, they can file a fraudulent tax return and collect a tax refund in your name. When you file at a later date, your return will be rejected and it could take a long time to repair the damage. They cannot pull off this type of tax scam if you file first!

3. Lower Tax Liability or Larger Refund
Whether you file early or not, getting your tax information together sooner rather than later will provide you with more time to gather documentation and take advantage of all available deductions. For many taxpayers, this results in a lower tax bill or larger refund.

4. Better Access to Your Tax Preparer
Tax Attorneys and tax preparers are always more available at the start of tax season. By working with them early in the tax season when they are not inundated with other clients, you give them (and yourself) more time to review your tax return for errors and omissions before filing. Thereby, maximizing your benefits rather than missing them or making ill-advised guesses that can cost you later on.

5. More Time to Pay or Plan for Payment
Completing your tax return early will give you advance notice of the exact amount you owe and additional time to plan for the payment.

6. Use of Tax Return
Having your tax return completed early can facilitate compiling the paperwork needed for:

  • Financial aid applications for college students
  • Mortgage applications for prospective homebuyers
  • Bank loan applications for individuals and small businesses

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

© Moskowitz LLP | Attorney Advertising

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