Leave March madness behind; why you should file your taxes now

Stock image, St. George News

FEATURE — For sports fans, this time of year is an exciting one. First the Super Bowl, and then the NCAA March Madness tournament. While tax season isn’t quite as exciting as these events, you’ll still want to make the effort to get ahead of the game – and the April 18 deadline – to score the benefits of early filing.

Avoiding identity theft

Filing your tax return early helps you sidestep criminals who want to steal your sensitive information. With identity theft related to tax returns on the rise, this is an important early-filing benefit. Once your return is filed with the IRS, your social security number is locked, preventing it from being used again by someone other than yourself.

Dialing down stress

One obvious benefit of early completion is crossing it off your to-do list and avoiding the prolonged anxiety that comes with the approaching tax deadline. You can still beat the “March Madness” and “April Angst” of last-minute tax filing for your business and individual taxes by having your accountant file them for you now.

Expediting any potential refunds

If a tax refund is in your future, the earlier you file your taxes, the sooner you will see your refund check. Keep in mind, the IRS reports some delays are expected this year for filers claiming the Earned Income Tax Credit or the Additional Child Tax Credit.

Maximizing all deductions

Filing early allows your accountant to have the time required to prepare your return and research all the tax deductions you may be entitled to. Starting the return process earlier gives you more time to gather your supporting paperwork and get any additional documentation you may need to claim a deduction.

Having time to pay outstanding tax bills

If you owe taxes, filing early gives you time to save for payment if needed. It also removes the last-minute element of surprise – you’ll know exactly where you stand with the IRS.

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Resources

  • Kinexus CPAs website | 216 W. St. George Blvd., Suite 100, St George | Telephone 435-674-1314 | Email info@stgcpas.com

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