A Few Good Reasons To Prepare Your Taxes Now vs. Later
Tax season is well underway. There are some very good reasons to get your taxes done now versus later. Here are a few to consider:
1. Get Your Money Back
If you are due a refund, people who file their taxes early often receive their monies from the government 10 days quicker than those that file later in the season.
2. Allow for Surprises and Complicated Situations
Give yourself enough time to allow for any surprises or complicated situations. You can start the tax return preparation process even if you have not yet received all brokerage statements and K-1s. Send your information to your tax preparer as soon as you have the majority of needed documents.
3. Plan for the Inevitable
If you owe the IRS money, you have until April 18th to pay. But, you can still complete your return early and turn it in. Knowing how much you owe early has benefits because it will give you more time to arrange your finances to accommodate your tax bill.
4. Lower the Risk of ID Theft
One good incentive to act promptly this tax season: fraud prevention. Identity theft is a huge concern come tax time. The IRS helped nearly 900,000 victims of tax fraud last year alone.
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If you have any questions regarding your tax situation, as always, please contact your Warady & Davis LLP advisor at (847) 267-9600.