The saying goes that “who gets up early, God helps.” Are you referring to helping you with your tax refund?
Whether you file your tax return early or leave it for later, you’ll still get a tax refund, but here are six reasons why you should submit it early.
- You get your tax refund ASAP
In the last tax season, about 72% of taxpayers received a tax refund, and on average the directly deposited tax refund was approximately $ 3,000, Its a lot of money! You could reduce your credit card debt or student loans, or save money for tough times.
2. Filing online is easy and convenient
Use TurboTax online is easy and accurate, saving you money. Once you’ve gathered your tax information and receipts, you can go online and answer simple questions about yourself and get the maximum tax refund possible. TurboTax searches over 350 tax deductions and credits and makes sure you get all of them that you qualify for based on your answers.
There is no reason to stand in line at a tax store when you can prepare your return from the comfort of your home. TurboTax is now open and accepting declarations and will hold them securely for transmission to the IRS and the states once the entity begins to process the returns (February 12, 2021). If you have questions, you can connect via a one-way video call with a tax expert or a certified public accountant (CPA) from TurboTax Live with an average of 12 years to clear them.
You can also connect with a specialized tax expert, who will prepare and file your complete return withTurboTax Live Full Service. TurboTax Live Certified Public Accountants and Tax Experts can serve you in English and Spanish throughout the year and can even review, sign and file your tax return.
3. Reduce debt
If you’ve been struggling to pay off holiday debt, submitting your return early can definitely offer you some relief. If you file your taxes electronically and choose the direct deposit option, your refund will likely arrive faster. Receiving your tax refund early can help you reduce your debt and save about 2 months of additional interest.
4. Avoid losing valuable tax benefits
People who wait until the last minute to prepare their tax return tend to rush and may miss important information. One of the most common mistakes late fillers make is entering the wrong social security numbers for themselves, their spouse, or their dependents. Entering the wrong social security numbers could be the cause of missing valuable tax credits and deductions.
5. You can get a tax refund higher than expected
Your daily life or the changes that occur in it can lead you to obtain some tax credits and deductions that can save you money on your return. Life changes, such as getting married, having a baby, starting your own business, or a new job, can generate huge tax savings for which you can get a bigger tax refund. If you have had changes in your income as a result of the pandemic, know how to adjust your financial goals this year.
6. More time and money to do what you love
Imagine what it would be like to have more free time, because you would not only save time by sending your statement online using TurboTax, but you would also have some more money in your pocket to enjoy the months until the deadline for filing tax returns. You could advance the payment of some bills, save some money for your retirement and enjoy extra free time with your family.
Eddie is an Australian news reporter with over 9 years in the industry and has published on Forbes and tech crunch.