The Best Time To Do Your Taxes Is...
Though Tax Day may not be for another month, it can't hurt for you to start getting your paperwork in order now. But whether you should actually file your return yet depends on your finances.
The Internal Revenue Service, or IRS, opened its tax filing season Jan. 23, according to a news release. The deadline to submit your taxes is April 18 through a series of technicalities — Tax Day is usually April 15, but this year that's a Saturday. Usually that would mean Tax Day moves to Monday, April 17, but that's a legal holiday, so it shifts to Tuesday.
You probably don't want to wait until the last minute to do your taxes, but beyond that there are varying theories on when to file. Here are tips for timing your taxes to save — and get back — as much money as possible:
1. The earlier you file, the faster you'll get your refund, according to TurboTax. Doing your taxes electronically also speeds up the process.
2. File before March 15 to avoid having to pay higher prices to use tax software. As demand goes up closer to the April deadline, fees do too, according to NerdWallet.
3. Accountants also may require you to pay more to expedite your tax return if you're cutting it too closely. And they're just plain busy. "There are literally hundreds of changes, extensions and deletions that we will consider this year when preparing returns for our clients," accountant William Rivero told GOBankingRates in 2016.
4. If you do your taxes ASAP, it makes it harder for tax identity thieves to take your money, according to Clean Slate Tax. They operate by using your personal data to file a return early, then take your refund. But if you've already field, that's impossible.
5. Make sure to be careful when inputting information. Rushing for the reasons above isn't worth it if you end up making a mistake you later have to amend, according to Forbes.
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