Tax season is a big stressor in American homes. Once a year we must gather our finances and work with a local Denver accountant in hopes to get a great return. Depending on our withholdings and circumstances, some will owe. One of the best things you can do to make tax season easier is to file your tax return as soon as possible. From a larger return and preparing to pay to reducing stress, there are a variety of reasons to get it out of the way as soon as possible.
By filing your tax return as soon as you have been sent all your documents, you can actually get a larger return! How? Procrastinators typically go for the easiest route possible, meaning they take the standard deduction. However, according to The 5 Huge Benefits of Filing Your Taxes Early
, those who give themselves plenty of time to file can review the different deductions and itemize them. The site also adds that taxpayers who file in February can see a higher return at an average of $450. Also, if you are a college student or have a child that is a student, filing early can help get more aid from the Free Application for Federal Student Aid (FAFSA).
Prepare to Pay if You Owe
Many Americans will have to owe on their taxes. When you file as soon as possible, you will know if you have to pay back on your taxes and how much. For some, they might owe over a thousand dollars. In these instances, filing early gives you plenty of time to save. Tax day this year is Tuesday, April 18, 2017 meaning you have to have your return filed by then. While there is an option to file for an extension, it does not change the fact that you owe and payments are still due on the April date. Not paying taxes on time can lead to penalties and fines.
Tax season is a stressful time for Americans. In Inc.’s article 5 Tips to Cope with Tax-Season Stress
, 56 percent of Americans say they get stressed out with the entire tax process, and 18 percent define it as “very stressful.” It can lead to depression, poor sleep, health issues and engaging in unhealthy habits. By filing earlier, you can avoid some of the major stressors that affect so many in the country. Also, those who file their taxes early are at a lower risk of identity theft. While it sounds crazy, identify theft is on the rise towards the end of tax season. Filing early will help you get quality sleep at night!
To help you make this tax season the best one possible, trust the experts at Bloch, Rothman and Associates. As your premier go-to Denver tax specialist, we can help make this tax season seamless and stress-free! To get started, begin preparing to file your 2017 Denver tax return
. When ready, contact Bloch, Rothman and Associates
and file your taxes early!