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- 9169 W State St # 131 Garden City, ID 83714
- info@americansmartfinance.com
- Monday to Friday: 9am to 6pm
The Benefits of Filing Taxes Early
finance
There are several reasons to complete tax returns early rather than waiting until Tax Day
- More accurate returns potentially resulting in larger refunds.
- Less competition for appointments with tax preparers.
- More time to plan for tax payments.
- Less chance of tax fraud.
Obviously, if you have a refund, you’ll get it earlier,” says Paul Joseph, an attorney and CPA with Joseph & Joseph Tax & Payroll in Williamston, Michigan. For many people, that alone may be reason enough to file early.
When Is the Earliest I Can File My Tax Return?
We usually tell our clients to wait until late February or even March to file, many of his firm’s clients have brokerage accounts, and tax statements from investment firms are often not mailed until mid-February. While a return can always be amended, filing a change can be costly and time-consuming.
Appointments with tax professionals may be hard to come by during the final weeks before the tax-filing deadline. Making an early appointment could mean you are able to meet at a convenient time, and your return won’t have to compete for your tax preparer’s attention
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What Do I Need to File My Taxes Early?
Depending on the complexity of your income and tax situation, you may need the following documents, among others, before you can file your return:
- W-2 forms from wage-earning jobs.
- 1099 forms from independent contractor or gig work.
- 1099 forms from retirement, brokerage or dividend income.
- Mortgage and property tax statements for itemizing deductions.
- Charitable donation receipts and copies of medical bills for itemizing deductions.
- Business expense receipts for Schedule C business deductions.
- K-1 form for partnership income.
