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Tax season is here. While procrastination may seem tempting, it’s often best to take care of your return sooner rather than later. The biggest advantage of filing early, before the April 18 deadline, is getting in line for your refund. The IRS aims to process returns and issue refunds within 21 days, though delays can happen. The sooner you file, the sooner you get paid.
Another key reason to tackle your return now is to give yourself ample time to complete it accurately and to seek professional help if needed. Rushing through your forms the night before the deadline increases the chances of mistakes, missing credits or deductions, and potential delays or extra costs.
Lastly, if you suspect you owe taxes, filing now provides you with time to prepare for payment. Even if you file early, payments won’t be due until the April deadline.
How Can I Get My Refund Faster?
While you’ll need to wait at least a few weeks for your tax refund, there are steps to speed up the process. To get the quickest turnaround, file electronically and sign up for direct deposit. Paper filings and checks take longer to process. Ensure you have all your tax documents and thoroughly review your return for any errors to guarantee it’s complete and correct.
When Am I Allowed to File My Taxes?
You can file your taxes right now. The IRS started accepting returns on January 24. While you might not have had all your paperwork ready that early, employers and other entities were required to send out W-2s, 1099s, and other tax forms by January 31.
If you’re missing any necessary documents, contact the relevant parties immediately.
If you earned less than $73,000 last year, you can file your tax return electronically for free using IRS Free File providers. Anyone can also access the IRS fillable forms at no charge. Alternatively, you may choose to use commercial tax preparation software like TurboTax, which may come with a fee depending on the selected service.
If your income exceeded $73,000, you still have access to free fillable forms, but you’ll need to complete them without assistance. It may be worth investing in a professional’s help for more support.
