Four reasons to file your taxes early

  • January 20, 2015
  • Mark Hughes CPA CFE

Beginning today, the IRS will begin accepting tax returns electronically and paper return will begin processing at the same time.

Even though you have until the April 15 deadline, there are many advantages to filing your taxes early.

  1. Early filing minimizes ID theft and the filing of fraudulent returns, concerns that are now at an all-time high, by providing less time for a thief to file a false return with your identity.
  2. Get your money sooner. If you receive your refund early, you can use it to fund an IRA on or before April 15, which can lower your taxes. And if you owe the IRS money, you can still file early and wait until the April 15 deadline to pay what you owe. This gives you time to budget appropriately.
  3. More time with your accountant. The later you wait, the more likely it will be that your accountant’s schedule is jam-packed. By filing early, you’ll get more time with your accountant.
  4. An up-to-date tax return facilitates financing. Banks and other lenders, including college financial aid offices, often require current tax returns to be submitted with loan or financial aid applications.

Talk to your ShindelRock advisor about filing your taxes early to take advantage of these benefits.