Why You Might Want To File Early This Tax Season

While the deadline to file taxes is usually in mid-April, there are several reasons why you might want to file early. 

Below, we’ll explore some of the benefits of filing your taxes early, from receiving your refund faster to avoiding identity theft and fraud. We’ll also provide some tips on how to file your taxes.

When Is Tax Season?

Tax season in the United States typically runs from January to April every year. During this time, taxpayers are required to file their federal income tax returns for the previous year. 

However, the exact dates may vary depending on certain circumstances, such as holidays or weekends. You can check with the Internal Revenue Service (IRS) for the current year’s tax season deadlines and any extensions that may be available.

Why File Taxes Early

There are several reasons why you might want to file your taxes early:

• Get your refund earlier: If you’re expecting a refund, you may get your money back sooner when you file early. 
• Avoid penalties and interest: Filing your taxes late can result in penalties and interest charges. Filing early lets you avoid these fees.
• Reduce stress: Filing your taxes can be a stressful task, and waiting until the last minute can make it even more overwhelming. 
• Avoid tax fraud: Filing early can help prevent tax fraud, which is when someone files a false tax return using your personal information to claim a refund. 
• Plan ahead: By filing your taxes early, you have more time to plan ahead and make any necessary adjustments to your financial situation before the next tax season, giving you a chance to save money and avoid surprises.

How to File Taxes

Here’s a general guide on how to file taxes:

1. Gather your documents: Gather all the necessary documents. This may include your W-2 form or 1099 form if you’re self-employed, plus investment statements and receipts for deductible expenses.
2. Choose your filing method: You can file your taxes via paper return or electronically using tax preparation software. Since the tax code is complex, many people hire a tax professional to file on their behalf. 
3. Determine your filing status: Your filing status depends on your marital status and other factors, such as whether you have dependents. Common filing statuses include single, married filing jointly, married filing separately and head of household.
4. Calculate your income and deductions: Add up your income for the year and subtract any deductions you’re eligible for, such as mortgage interest, charitable donations and business expenses.
5. Fill out the appropriate tax forms: Depending on your income and other factors, you may need to fill out different tax forms, such as a Schedule C for self-employment income.
6. Review and submit your tax return: Before submitting your tax return, review it carefully to make sure you’ve included all necessary information and haven’t made any mistakes. Once you’re satisfied, sign and date your return and submit it to the IRS.
7. Pay any taxes owed: If you owe taxes, you’ll need to pay them by the tax deadline. You can pay online, by mail or by phone.

If you’re unsure about how to file your taxes or have a complicated tax situation, seek the help of a tax professional at SD Mayer.

Deadline to File Taxes

The deadline to file federal income taxes in the United States is usually April 15. If the 15th falls on a weekend or holiday, the deadline may be extended to the next business day. 

Taxpayers can request an extension to file their taxes until October, but this extension only applies to filing the tax return, not to paying any taxes owed. Note that state tax deadlines may be different from the federal deadline, so it’s wise to check with your state’s tax agency and confirm the filing period’s end date.