Why You Should File Your Taxes As Soon as Possible Why You Should File Your Taxes As Soon as Possible Why You Should File Your Taxes As Soon as Possible
Money Management

March 8, 2018 | Money Management

Why You Should File Your Taxes As Soon as Possible

Why You Should File Your Taxes As Soon as Possible

Quorum

Mar 05 2018, 01:27pm


https://learn.quorumfcu.org/app/uploads/2018/02/Why-You-Should-File-Your-Taxes-As-Soon-as-Possible_Large.jpgWhy You Should File Your Taxes As Soon as Possible

When it comes to filing taxes, it’s easy to procrastinate. For some, pouring over paperwork and stressing about whether or not you’re going to get a refund is an activity best saved for a later date (preferably April 16, 2018).

The problem is that waiting comes with consequences. Not only do you become vulnerable to security risks, you may incur annoying fees as well (and paying additional costs if you already owe money to Uncle Sam is like adding salt to your financial wounds).

Want to avoid all the extra stress? Check out these persuasive reasons to file your taxes ASAP:

Reduce Risk of Identity Theft

Unfortunately, tax identity theft is a real thing. It works like this: scammers access your personal information, file your tax return before you do, and happily claim your refund on your behalf.

Typically, most employers provide you with all necessary tax paperwork by the end of January. The best way to protect yourself against tax theft? File as soon as possible. Claim your refund now to keep thieves away from your hard-earned return.

Avoid Late Fees

That April 17, 2018 deadline? It’s serious. To ensure people file on time, the IRS can hit you with a financial penalty. If you do file but don’t have the cash to pay what you owe, you can incur a fee for that as well. However, the IRS offers payment plans for people who can’t afford to repay at the time of filing. Visit the IRS website for details.

Save on Tax Prep Services

Many people use tax software to help them prepare their taxes. It’s relatively simple and in some cases cheaper than an accountant. But don’t forget that the software companies are businesses; although they want to make filing easier, they also want to make a buck.

Tax software typically gets more expensive as tax day approaches. Don’t be surprised to see prices start to rise 30 days out. Bottom line? To avoid the costs, security risk and anxiety of a last-minute filing, finish your taxes as soon as possible.

Source: Balance Financial Fitness

Banking

https://learn.quorumfcu.org/app/uploads/2019/03/learninghub-ad-plain-1.pngBanking

We think you rate highly, too,

We've kept your term account (CD) rates high because you rate highly with us. It's just another way we're saying thank you for being a valued member of Quorum. Lock in a great rate—and peace of mind—with a Quorum Term Account.

Banking

https://learn.quorumfcu.org/app/uploads/2020/06/learninghub-ad-plain.jpgBanking

You: #StayingHome; HighQ: #StayingStrong

No matter your balance, our HighQ liquid savings account has your back, offering a competitive 0.35% APY*.

Services

https://learn.quorumfcu.org/app/uploads/Ads/learninghub_rightrail_wealthmanagement-march21.pngServices

Extra Money? Easy There, Tiger.

Whether you've got bonus money, a tax refund, or just some extra cash under your mattress, our trusted wealth management partners can help you make the most of it for years to come.

Services

https://learn.quorumfcu.org/app/uploads/2019/12/mobile-deposits-learning-hub-ad.jpgServices

Make Way for Mobile Deposits

Making a mobile deposits with Quorum’s mobile banking app is as simple as snapping a picture of your check. No stamps, no lines, no hassle.

Back to top

Comments Section

Please note: Comments are not monitored for member servicing inquiries and will not be published. If you have a question or comment about a Quorum product or account, please visit quorumfcu.org to submit a query with our Member Service Team. Thank you.

Subscribe
Notify of
guest
0 Comments
Inline Feedbacks
View all comments