March 12, 2018 | Money Management

Why 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 16th).

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 17th 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

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