Tax Prep: Start Your Tax Return Now and Save
As of January 26, 2018, you can file your paper or electronic tax return with the IRS. The deadline isn’t until April 17, 2018, but there are many benefits to filing your tax return early, including the possibility of receiving a larger tax refund. Not convinced? Check out this list of benefits of filing early.
Get a Larger Tax Refund
According to IRS data, those who file their taxes by the end of February average $300 more on their tax refund. This fact could be attributed to the idea that those who know they’re getting returns are motivated to file earlier, bringing the average up overall. However, filing earlier also gives you more time to make sure you’re claiming all of the deductions that you’re eligible for. If you’re not sure which deductions you may qualify for, read our blog or check out the IRS website. You’ll also get your tax refund in the mail sooner, as the IRS won’t be processing as many tax returns as they are later on.
Protect Your Identity
Those who file their taxes earlier are less likely to face identity theft problems. Many identity thieves try to get ahold of your social security number and file a tax return before you can. When you file your return, the IRS will count it as a duplicate, and reject your real tax return. Meanwhile, your refund will go to the identity thieves. When you file your taxes early, you’ll beat identity thieves to the punch, protecting your tax refund and avoiding the stress that comes with tax fraud.
Lower the Risk of Mistakes
The earlier you file your tax return, the more time you have to go over it, checking for any mistakes and missed deductions. The more time you have and the less deadline stress you face, the less likely you are to submit a tax return with mistakes on it. Not only do you ensure you get the maximum tax refund possible, you also lessen your chances of having to start your taxes again or correct any mistakes.
Forego Deadline Stress
One of the greatest benefits of filing your taxes early is avoiding tax deadline stress. If you have plenty of time before the April 17, 2018, you won’t rush and make mistakes and you won’t feel the pressure brought on by running out of time. You’ll sleep better and live a better quality of life if you file your taxes as early as possible.
Make a Payment Plan
For those who owe the IRS money, filing early gives more time to come up with a payment plan or find the money to cover the bill. Two months is a much more practical time-frame for raising the necessary funds to pay back the IRS. If you need a little extra cash in order to pay what you owe the IRS, don’t forget to apply for a loan with CreditBox.
If you need money to make ends meet while you wait for your tax return, CreditBox is here. We know you’re stressed out enough already, so our online application is quick, easy, and hassle free. Apply today and have the cash you need as soon as the next business day.