The Advantages of Filing Taxes Early

It is time to start digging out those receipts and gathering the various tax documents you have received throughout the year because tax time is upon us! The IRS typically opens and starts accepting returns near the end of January each year. While we know you are most likely concentrating on making those new year’s resolutions happen, it is also time to start thinking about filing your taxes. Here are a few reasons why you should consider filing taxes early this year:

1 – Fewer Errors Could Mean Getting Your Refund Earlier

Submitting a tax return with an error could delay you receiving your refund. For example, I once forgot to send my paper return without a signature. I was rushing to meet the filing deadline and completely forgot a very easy and basic part of filing my return. If I had started my return earlier, I would have had time to review the return and catch the error. This little error cost me two months of additional wait time for receiving my refund.

Learn from my mistake and plan on filing your taxes early so that you have time to review your return. In doing so, you give yourself ample time to not only catch errors, but also spot additional opportunities to maximize your refund.

2 – A (Potentially) Bigger Refund

Starting your return early with H&R Block gives you more time to gather necessary information that could increase the size of your refund. Often, taxpayers forgo itemizing their deductions because of the time required to gather receipts and other evidence.

Waiting to the last minute and checking off the standard deduction could mean that you are leaving some dollars on the table. Having more time allows you to weigh your options and make strategic choices regarding what options are most beneficial to you.

3 – Prevent Identity Theft

As the saying goes, the early bird gets the worm. If someone possesses your tax information, filing your return first prevents fraudsters from successfully filing a fraudulent return. Additionally, taking advantage of H&R Block Tax Identity Shield® offers unique protection that reduces your risk of tax identity theft.

Get help filing early with H&R Block

All in all, there are tons of advantages of filing taxes early. Even if you do not feel prepared quite yet, it is okay, that is why we are called tax preparers—visit your nearest H&R Block location, or file online to start now!