Reasons You May Want to File Your Taxes Before the Deadline

Litchfield, NH Resident Looks to Delay the Inevitable

There are plenty of reasons to file your taxes early, not the least of which are to get this done and off your to-do list. If you are expecting a tax refund, the sooner that you file your return the sooner the IRS can begin processing it and get your refund sent out. Filing your tax return early can also protect you from scammers and identity theft. If someone files a fraudulent tax return under your identity and you have already filed, the fraudulent one will be rejected.

A Litchfield resident was putting off filing his tax return. Knowing that he would be owing some money to the IRS this year, he wanted to hold off until the last possible moment.

Late Tax Filers May Be More Vulnerable to Fraud

Identity theft continues to be a big problem across the country. If you at all suspect that your identity may have been stolen, you should file a legitimate tax return as soon as possible. You will need to submit a paper form, causing a delay in delivery, and should include Form 14039, Identity Theft Affidavit. If your tax return is received first, even if subsequent tax returns are filed, these will be flagged as fraudulent. This can help to control the damage done by your stolen identity. If you find that you owe money to the IRS, you should continue to pay the outstanding amount on time.

Don’t Delay Filing Your Taxes Because You Owe Money

Like the Litchfield resident, many tax filers assume that they should wait until the last minute to file because they owe the IRS money. The balance due to the IRS is not required at the time of filing your paperwork, but instead at the tax deadline. Having the knowledge that you owe money can help you to plan accordingly and allocate funds to cover this expense. If it is necessary to work out a payment plan with the IRS, this also ensures that you have the time to do so before the deadline for submitting the payment.

The Litchfield resident was surprised to hear all the advantages of filing taxes early. With this knowledge and the assistance of Merrimack Tax Associates, he has already filed his paperwork.