Next year, your taxes are due on Thursday April 15. While that isn’t normally an exciting day, there’s one reason to look forward to it … it’s three and half months into a year that isn’t 2020! However, if you are planning on waiting until a lot closer to that day to get your taxes done, here are three reasons you should scrap that idea and file your taxes as soon as possible …
Sooner is better no matter the result: The sooner you file for a refund, the sooner you’ll get money back. If 2020 has hit you hard financially, that refund may be something you’ve been eagerly awaiting. And if you end up owing the government money, you’ll have more time to pay. It’s a win-win.
You’ll lessen your stress: Filing tax paperwork was simple when you were 24. It usually took me about 20-30 minutes on my computer and it was submitted. Once life gets more complicated, it’s not quite as easy. If your taxes are going to be more difficult than past years, lessen the stress it might cause by getting started as soon as you have your W-2. Filing early can prevent April 15th from being a source of stress for you.
It’ll be smooth sailing: Not only is the IRS less busy at the beginning of the year, but tax professionals are as well. Keep this in mind if you’re not filing on your own. For those of you who file online, this won’t be a big deal, but if you need a pro to help sort you out, you’ll be glad you made an early appointment. The closer you get to April 15th, the longer the whole process will take.