Should You File Taxes Before April 5?
For many taxpayers, April 15 looms as a stressful deadline. This is the date your tax return and payments are due to the IRS. However, April 15 isn’t the only day you can file your taxes. In fact, some taxpayers may benefit from filing as soon as January or February.
So, should you file taxes before April 15? Here’s what you need to know.
How Early Can You File?
Typically, the IRS starts accepting tax returns at the beginning of the year. 2025’s tax season officially began on January 27. You can file your taxes as soon as you have all the necessary documents, such as W-2 forms and 1099s.
Benefits of Filing Early
Waiting until April is common (and perfectly acceptable), but filing early has its advantages. Let’s break down a few of the biggest benefits.
- Earlier Refund
Are you expecting a tax refund? One main reason people file early is to receive their refund sooner. This can be especially helpful if you have financial obligations or upcoming expenses that could benefit from the extra cash. - Avoiding Tax Scams
Filing early can also help protect you from tax scams. Criminals can steal tax refunds by filing false returns using stolen identities. By filing early, you give the scammer less time to act. The government can’t be fooled into paying your refund twice. - Time to Plan for Payment
If you owe taxes, filing early gives you more time to plan for payment. You might appreciate this if you need to save money or make other financial arrangements to pay your tax bill. The extra won’t reduce your debt, but it can make payment seem less daunting. - Potential Savings
Tax professionals often recommend filing early for the best chance to take advantage of potential tax savings. By filing sooner, you have more time to research deductions and credits that may apply to your situation. This can potentially result in a larger refund or lower tax bill. - Peace of Mind
Knowing that you have to file taxes can weigh on your mind. Taking care of the obligation early alleviates stress and allows you to focus on other responsibilities. Plus, if there are any issues with your return, you’ll have more time to address them before the deadline.
Tips for Filing Early
If you’re convinced that filing early is the way to go, here are a few tips to help you get started:
- Gather all necessary documents before you file. This includes W-2 forms, 1099 forms, receipts for deductions, etc.
- Double-check your return before submitting it to avoid any errors or missed opportunities for deductions.
- If you owe taxes, consider setting up a payment plan with the IRS rather than waiting until the last minute to pay in full.
- Keep copies of all filed documents for your records.
Are you ready to file your return for tax year 2024? The team at Kondler & Associates, CPAs, is here to help guide you through the process. Contact us today for assistance.
