The tax season is around the corner and it doesn’t seem as if the Tax Man will spare you a minute. There are those who are waiting till the due date to file their tax returns but they may want to rethink such plans. The following are some as to why you may find it convenient to file your tax returns as early as today:
Keep off identity thieves
The best way to beat criminals to the punch is to essentially file early.
Our society has witnessed a rapid rise in the number of identity thieves and in most cases it revolves around tax refund fraud. Once you file your tax returns, your social security number gets locked and no person can reuse the same, reports ABC News.
Mark Steber, chief tax officer at Jackson Hewitt Tax Service, explains that you need to file early so as to keep this information safe and get your much-deserved refund. This is one of the most basic techniques for steering clear of identity theft.
If the Tax Man owes you a tax refund, if you file soon enough then you can be sure you will have it on time.
It is averaged that during the previous season, about three in every four tax filers got a tax refund. This refund is averaged to have been $ 2,800. This is such a huge boost for most households.
This year is no different as its expected that for every 10 tax filers, 9 will receive a tax refund.
Filing your taxes as early as today allows you sufficient amount of time to get ready your returns.
Just as it’s always the case, late comers have the tendency of forgetting one or two things in their tax returns. If you begin the process early, you have ample time to get all the paperwork ready and any necessary assistance.
Also, for those who owe cash, that would be a great opportunity to save up the necessary amount before the due date.
According to Greene-Lewis, most of the taxpayers are not procrastinators. He estimates that close to 20% file within the last few weeks while 10 to 12 percent pay on the due date. The remaining percentage does the tax filing earlier. She continues to explain that as a result of software improvements, one has zero excuses to delay.