Tax filing season has officially begun. Not many people file this early, but for some taxpayers it makes sense to do so. Here are some reasons you might consider trying to be at the head of the line:
You’re worried about tax identity fraud. One of the most common scams by identity thieves is to impersonate someone, file a return on their behalf, and snatch their refund check. But once you’ve filed, the window of opportunity for identity thieves closes. If you’ve had problems with your identity being stolen in the past, or your information has been compromised, consider filing early. You want to avoid a dependent dispute. One of the most common reasons a return is rejected is when you claim a dependent who has already been claimed by someone else. This often happens when there is shared custody of a child. Someone needs a completed return from you. If you anticipate buying a house early in 2018 or making any other transaction that will need a tax return as proof of income, you may want to file early so you can provide current tax information. This is particularly important if you are self-employed and don’t have pay stubs to use as proof of income. You have a complex problem to work out. If you have a complex tax problem to work out, do yourself a favor and get your tax return appointment scheduled early. Otherwise it’s hard to get the detailed attention you need in the rush just ahead of the April 17 deadline. You need the refund ASAP. Of course, everyone would like their refund as soon as possible. One thing to remember is that while the IRS starts accepting returns on the 29th, they won’t begin processing paper returns until mid-February. Returns that claim the Earned Income Tax Credit and the Additional Child Tax Credit will see processing of their returns further delayed until sometime after Feb. 15. But absent those exceptions, the sooner your tax return is in the queue, the sooner you should receive your refund.
3 Comments
1/26/2021 12:58:42 pm
It stood out to me when you explained how filing our tax early reduces the window of opportunity for identity thieves. I usually put off my taxes till the last minute and end up causing myself a lot of rushing and stress. Your article made me feel motivated to find a tax preparer and get the ball rolling as soon as I get my W2, so thanks for taking the time to share!
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11/4/2022 06:28:32 pm
A few days ago, my parents told me they're worried about their taxes since they currently manage more assets than they did before. I think my parents should consult with a professional to ensure their taxes are filed properly, so I'll suggest this when I see them for lunch tomorrow. I appreciate your advice on filing our taxes early to avoid any inconvenience.
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