How to Skip the April 18 Tax Rush

Tax Planning Stocksy_txp01b2d8a7veo000_Medium_604746

Your tax return deadline for the 2015 financial year is April 18, 2016.

If this information just got you excited because you have an extra three days to procrastinate, this article may be perfect for you.

The tax deadline was moved back to Monday, April 18 because Washington, D.C. is celebrating Emancipation Day on Friday, April 15. Instead of waiting until the absolute last day to file, why not avoid an extra three days of procrastination and file your taxes early. You’ll be surprised at the benefits.

*Except in Maine and Massachusetts, where the deadline is April 19.

Peace of Mind and Relief of Stress

People dislike dealing with their taxes for a variety of reasons, so they avoid it. And avoid it. And avoid it. However, no matter the financial situation, just about everyone feels relief from the pressure to file once they’ve submitted a tax return.

Plus, TurboTax makes filing your taxes effortless by asking simple questions related to you and putting your tax information on the correct forms.  You don’t need to know anything about tax laws or tax forms.

Get Your Money Sooner

Another great benefit to filing your taxes early is receiving your tax refund sooner. If there’s a tax refund coming your way, the IRS will begin to process your tax refund once they receive and accept your tax return if you e-file with direct deposit.  The IRS expects to issue nine out of 10 federal tax refunds within 21 days or less when you e-file with direct deposit.

The sooner you file your taxes, the sooner you can get your money back from Uncle Sam. With about 75% of tax filers receiving a tax refund close to $2,800 last tax season, there’s no reason to wait.

But what if you file early and end up owing the IRS? Not to worry. Your payment due date isn’t any earlier just because you filed early. Also, filing early will give you more time to get the money together or figure out other alternatives before the tax deadline.

Avoid the Rush

Even though TurboTax reminds you of  the tax deductions and credits you are eligible for, people who wait until the last minute to do their taxes tend to rush and may leave out information. One of the most common mistakes tax procrastinators make in a rush is including incorrect social security numbers for themselves, spouses, or dependents. Incorrect social security numbers can cause you to miss out on valuable tax credits and deductions.

Don’t let your taxes fester this year. Take charge and get them done early.

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