Are there benefits to filing early?

DATE_PUBLISHED

Aside from receiving your income tax refund faster, there are many reasons one would want to file their return early within tax season. For one, if you do so and find you have a tax liability, you have until the original filing deadline to make a payment, which allows you time to make plans and collect funds for the liability if necessary. Additionally, it never hurts to have all your documents in order in the event you have to have a financial review for whatever reason (eg. signing up for a mortgage or applying for financial aid). Also important to note, filing early reduces your exposure to identity theft, as others have less time to attempt to file a return using any stolen information they may have on you.

For practical reasons, filing early generally reduces your stress levels at tax time and allows for less competition when trying to get your tax preparers attention, who are often overwhelmed as the April 15 deadline approaches.

Subscribe to Taxfyle Resources & Tax Tips

Get the latest posts delivered right to your inbox

Thank you for subscribing!
Oops! Something went wrong while submitting the form.
How The Inflation Reduction Act Affects Your Taxes
Personal Taxes
Learn how the Inflation Reduction Act affects your taxes - including changes to IRS enforcement, small business tax breaks, and tax credits.
2 Minute Read
What Tax Breaks Do Educators Have? 
Personal Taxes
Discover tax breaks available for educators, including the Educator Expense Tax Deduction, Lifetime Learning Credit, and more!
2 Minute Read
What You Should Know About Student Loans and Taxes
Personal Taxes
Learn how to reduce your tax hit while paying off student loans. Understand student loan tax deductions, credit opportunities, and more.
3 Minute Read

File simpler.

File smarter.

File with Taxfyle.