Posted by Christina Traurig on February 26, 2018
It’s every American’s least favorite time of year, tax season. Here are the reasons you should stop procrastinating and get your taxes filed already!
Do you remember the Equifax data breach in 2017 that impacted up to 143 million Americans? Unfortunately, Social Security numbers were compromised in that breach and once a criminal knows your Social Security number, they are able to file a tax return in your name and claim a refund. Once you go to file your tax return, it will be flagged as a duplicate return and you will have to spend even more time trying to get everything sorted out
You get your refund sooner
The sooner you file, the sooner you get your tax refund! You can then use the refund to pay down debt, make an IRA contribution, or save for your children’s ever increasing cost of education.
If you owe, you have time to plan how you are going to pay
If you end up unexpectedly owing and it’s more than you can cover from your checking and savings accounts, you’ll have time to make a plan of how to pay that tax bill. For example, if you complete your tax return on March 1st and find out that you owe $1,000, you have over six weeks to figure out how to make that payment (saving, cutting expenses, side jobs for extra money). If you procrastinated on completing your tax return and find out on April 15th that you owe $1,000, it may be harder to come up with the payment in just two days.
Isn’t there enough stress in your life already?
By the end of February, you will probably have all of your necessary documents to file so stop putting it off! Tax preparers typically aren’t as busy in the beginning of the season. If you wait until April to try to get an appointment, you may be hard pressed. Or if you choose to complete and file your own taxes, make sure to schedule time in your calendar where you can sit down in a quiet area, uninterrupted to work on your return. If you are missing a document, no sweat, you have plenty of time to find it. If your return is more complicated, you’ll have time to work through the issues. The last few weeks of tax season when all of your procrastinating friends are scrambling to get their returns done, you can sit back and relax.