Why to File Early and Never Put off Tax Preparation

If you dread tax season and tax preparation, why not get it over with and file your taxes early? The fact is that although the majority of taxpayers are perennial procrastinators, there’s good reason to bite the bullet and file your taxes early. Here are just a few.

File Your Taxes Early; Reduce the Risk of Identity Theft

Identity theft is a growing problem, and few documents have more sensitive information on them than tax documents. By filing your taxes early, you are essentially beating any potential identity thieves to the punch. Once received, your social security number is locked and cannot be used by anyone else to file a tax return. Preparing your taxes early every year is one of the easiest and most proactive ways to protect your identity.

Get Your Tax Refund Sooner

This one is obvious – but the sooner you prepare your taxes and send them to the IRS, the sooner you will get your refund, if you’re owed one. Believe it or not, three out of four taxpayers received a refund in 2016, with the average refund totaling around $2,800 dollars. Delays can be expected for taxpayers claiming the Earned Income Tax Credit, but otherwise the IRS should be able to get you your refund in under three weeks from the day you file your taxes.

Better Tax Preparation

Nobody likes working under pressure, but still around 30 percent of filers prepare their taxes within the last two weeks before the deadline. Filing your taxes early gives you more time to carefully prepare your tax returns. If you wait until the last minute and find you are missing a key document or piece of information, you may be out of luck. If you need help with your tax return and want to get a head start, contact the tax professionals at Cohen & Burnett. We are well versed on the following kinds of tax returns:

  • 709 gift tax return
  • 1041 estate or trust income tax return
  • 706 estate tax return
  • 1040 personal income tax
  • 1065 partnership income tax return

For more information on tax preparation from Cohen & Burnett, visit our tax preparation page today!

sort

SUBSCRIBE /

Receive the latest trends, news and resources on estate planning and asset management directly to your inbox.