Benefits to Filing Taxes Early

There are several benefits to filing your taxes early.

  1. Faster refund: One of the most common reasons to file taxes early is to receive a faster tax refund. Filing your return electronically with direct deposit into your bank account is the fastest way to get your refund [1].

  2. Less Stress: Avoiding the last-minute rush to file your taxes helps ease the stress that comes with it [2].

  3. Time to plan: filing early provides you with the necessary information to make financial plans for the year ahead. This gives you ample time to save and invest for a better financial future [3].

  4. Avoiding penalties and interest: Filing early will reduce the risk of incurring penalties or interest due to late filing or missed payment of taxes [4].

Sources:

  1. https://www.forbes.com/sites/robertfarrington/2023/12/27/how-early-can-you-file-your-taxes-for-2023/

  2. https://money.usnews.com/money/personal-finance/articles/the-benefits-of-filing-taxes-early

  3. https://www.ramseysolutions.com/taxes/benefits-of-filing-taxes-early

  4. https://turbotax.intuit.com/tax-tips/general/reasons-to-file-taxes-early/L8MfjPPjg

Catherine Roe