5 Big Reasons to File Taxes Early

5 Big Reasons to File Taxes Early

 According to the IRS website, the U.S 2018 tax filing season began Monday, January 29th, 2018 with refunds becoming available as soon as late February.  Why file early?  Here are five good reasons:

 

number one in blue box  Better Chance for a Quicker Tax Refund


The IRS anticipates issuing 9 out of 10 tax refunds in less than the first 21 days of refund distribution, so the quicker your tax information is submitted, the better chance you have of receiving your tax refund as quickly as possible.

 

number two in blue box  Less Stress


While April 17th may seem far away, this date may provide a false sense of security. In fact, almost 20% of taxpayers file the day of the deadline.  Give yourself an imaginary deadline to file—this may help relieve any stress involved, especially if filing your taxes requires multiple forms.

 

number three in blue box  Reduce the Risk of Tax Filing Identity Theft


Tax identity theft typically impacts individuals who file late in the tax season or who need an extension. Because the IRS records your tax return submission, when you file your taxes early, you automatically lower the chance of becoming a victim to tax identity theft. And if you e-file your tax return, you’ll receive an instant email verification.

 

number four in blue box  More Time to Pay Taxes Owed (If Any)


If you owe a balance to the IRS after filing your taxes, you have more time to budget and pay before the April 17th

 

number five in blue box  Easier Access to Your Tax Professional


Procrastinating on your taxes—especially if you use a tax professional—can mean having a tough time getting on his/her schedule. Typically, if your tax professional has many clients and doesn’t receive your tax information in a reasonable amount of time, this could result in filing an extension, and even longer wait on a tax refund.

 

Not feeling great about tax season?  We get it.  At American Eagle Credit Union, we want you to feel comfortable knowing how to save, spend, and share your finances.  Take advantage of our Resource Center and get started on learning more about budgeting, identity protection, and how you can start saving your tax refund differently.  Questions?  Call our Member Contact Center at 1-877-325-2848 or contact us online.


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