It’s tax time once more, and many folks are already preparing excuses to delay filing their annual tax return, but there are some good reasons to file your tax return sooner rather than later – here they are.
1. Get your refunds while they’re hot! If the IRS owes you money, the sooner you file, the sooner you’ll get that precious tax refund. And if you put off filing for too long you can kiss that refund goodbye — refunds aren’t paid on tax returns filed more than three years after the due date.
2. Get maximum financial aid. If you have college age kids or are in college yourself, you need to file early for FAFSA (Free Application for Federal Student Aid). You don’t have to attach your tax return to the form – once you have filed that tax filing information is sent directly to them by the IRS.
3. Give yourself time. Preparing your taxes early will allow you to be more organized and maximize your tax refund since you won’t be apt to leave out important documents like you would if you tried to rush and gather your documents on the April 15th deadline.
4. Thwart a contrary ex. If you are afraid that your ex will claim the children as dependents, even though you are entitled to list them, your best bet is to be the first to file. That way, when your ex files claiming the children as dependents, the IRS will reject that claim, and your ex will have to prove his or her right to the exemption.
5. Get your tax return out of the way. Until you prepare your return, it will hang over your head like the sword of Damacles. Once you’ve prepared and filed your tax return, you can put a smile on your face and know you’ll be getting money in your pocket soon.
TurboTax makes it easy to file your taxes. You can easily and accurately file in the comfort of your own home and save money. Last tax season 75% of tax filers received a tax refund and this tax season many are already receiving their tax refunds so there’s no reason to wait!