We know tax season just ended, but the reality of tax season being here again is right around the corner. Did you know that there are numerous benefits that come with filing your taxes early? Here are a few reasons you should considering filing early this upcoming year:
- Taxpayers who have children in college should get tax information early as it will impact the amount of financial aid the student may receive.
- Filing taxes early can lessen the odds of becoming a victim of identity theft. The sooner a return is filed, the less likely someone else can file a return in your name.
- When filing early, you have plenty of time to catch potential mistakes. Early planning prevents poor performance, and when you decide to file taxes early you’re not forced to stress out over missing paperwork or trying to meet a tight deadline.
- Filing earlier gets you your refund much earlier!
- This one might be a no-brainer, but filing early avoids one to have to file for an extension. People who wait to the last minute often have to go through the process of filing for an extension, which can lead to unneeded and preventable stress plus additional costs.
When tax season is here, seek out the tax consulting professionals in Hawaii at Michael J. Yuda, CPA, LLC.