Three Big Reasons to Not Wait for the Tax Deadline

The IRS tax filing deadline for the 2018 tax season is April 15, 2019. Don’t dread it, embrace it and file as soon as possible! To help motivate you, we’re sharing a few reasons why you should file your taxes before Tax Day. The most obvious reason? You can simply relax and treat it like any other day. Here are three more “hands-on” reasons why you should file your taxes before April 15th.

1. To Get Your Tax Refund As Soon As Possible

If you expect to get a tax refund, you should absolutely file your taxes as soon as possible. Last tax season, close to 75% of taxpayers received a direct deposit tax refund of over $3,000. That’s a big chunk of money to pay down debt or spend it on something fun.

Also, if you have spending plans for your tax refund, timing could be an issue. For example, let’s say that you decide that you want to travel someplace warm in April. If you file your tax return in March, you might not have your tax refund back in time for your trip. It’s all about timing!

Naturally, the sooner you file your taxes, the sooner you can expect your tax refund. The IRS expects to issue nine out of 10 tax refunds within 21 days or less of acceptance when you e-file with direct deposit.

2. You May See a Bigger Tax Refund Than You Think

Everyday life and life changes can lead to some big and often unexpected tax deductions and credits that can give you a big tax refund. Life changes, such as having a baby, can lead to huge tax deductions and credits, such as child tax credit of $2,000 for each dependent child under 17, or the child and dependent care credit worth up to $1,050 for one child and $2,100 for two or more kids. Even if you are now self-employed, you can deduct business expenses you may not have known about like start-up costs, travel, and car expenses.

3. Avoid Leaving Out Important Information

Taxpayers who wait until the last minute may forget a form that reports income like a 1099-Misc or a W-2. Taxpayers who decide to do their taxes in the final hours may also leave out receipts for tax-deductible expenses like charitable contributions, job search expenses, and unreimbursed employee expenses.

If you wait to file, you might be forced into extending your tax return if you hit a snag, such as an important, but missing document. File early, and you’ll be giving yourself plenty of time to find the information you need.

There are still a few weeks left before the April 15 tax deadline. Take advantage of this time to file your tax return as soon as possible. You have at least three good reasons to do just that, so now its time to grab your forms and sit down to file your taxes with TurboTax. TurboTax asks simple questions about you and gives you the tax deductions and credits you’re eligible for based on your answers.

If you have questions, you can connect live via one-way video to a TurboTax Live CPA or Enrolled Agent with an average 15 years’ experience to get your tax questions answered from the comfort of your home. TurboTax Live CPAs and Enrolled Agents are available in English and Spanish and can also review, sign, and file your tax return.