Tax payment is a bitter truth of every American’s life. No matter how much you want to run away from this responsibility, you still have to fulfill the Tax requirements. The month of April only rings bells in the ears as it’s the deadline time for filing your tax returns. Many people delay the filing process till the last week and then face many problems as the deadline comes near. Here are a few reasons why you should file taxes early:
You can work on the return properly, this reduces chances of errors
When you file your taxes early, you give yourself time to review your form and fix mistakes. You have ample time to check all the details before submitting the returns to IRS.
You can prevent yourself from identity theft
Another reason why you should file taxes early is to prevent identity theft. Tax identity theft is a growing problem for the American taxpayer. The earlier your file your tax returns the greater are the chances that you won’t face fraud. If you file a return and the IRS notifies you that more than one return has been filed using your personal information, contact your tax preparer and the IRS Identity Protection Specialized Unit at 800-908-4490.
File for Tax exemptions and financial aid
The earlier you file your returns the easier it is to fill the financial aid forms and submit to IRS. In this way you can send your child’s application to his dream college on the right time. In addition, taxpayers should know that electronic filing is accurate, safe and convenient and allows for a refund to arrive more quickly.