It is a known fact that humans generally are prone to procrastination. Due to this we are prone to postponing important tasks like filing your taxes until deadline day. Although it might seem like a great idea to files your taxes late or close to deadline day, the benefits of filing early outweighs that of filing late.
Benefits of filing your tax returns early
You don’t have to worry about delays
If you’re a taxpayer, you must be familiar with the delays that comes with filing your taxes late. This is because as deadline day draws nearer more taxpayers will be filing their taxes and this will in turn cause congestion at the IRS inevitably leading to delays as the workload gets too much for the folks at the IRS to handle on time.
The only way to beat this problem is to file your taxes early as this puts you ahead of most taxpayer and ensures you get your refunds while other taxpayers are stuck in processing limbo.
You get your refunds earlier than other taxpayers
It’s a no brainer that when you file your taxes early, you get your taxes faster than most taxpayers because early filing means faster processing and faster tax refund payments. Furthermore, It is important to note that you should electronically file your taxes as this makes sure you get your refunds on time.
You have enough time to correct errors
When filing taxes errors could happen either from the taxpayers or from the IRS itself. If you file your taxes early, you can get ahead of any possible filing errors, misinformation or computational problems. And  If you ever find yourself in a situation you cannot handle by yourself, you would have ample time to seek professional help or advice.
You avoid filing for an extension
When you file your taxes late, there’s a tendency for your taxes to past deadline day. This is especially common to freelancers and independent workers. Although filing for an extension gives you extra time to file for a refund, It does not extend the time to pay what you owe. Putting your finances in order and filing your taxes could take more time than expected, but if you do it earlier there’s a chance you can avoid filing for an extension altogether.
Stay ahead of identity thieves
When you file your taxes early you can avoid falling victim to identity thieves and tax-related scams. Identity thieves always make fake tax claims about a week or half a week or two into the year. You can get always get ahead by filing first as an already filed tax return cannot be filed again. Note that to avoid the incidence of identity theft altogether, you should not share your Social Security Number(SSN) with anyone.
Larger Refunds
Early tax filers enjoy more accurate processing and this results in larger tax payouts for such filers. This is because early tax filers get meticulous attention paid to their tax filings and this in tern ensures they get every penny they are supposed to. On the other hand, late filers are prone to mistakes at the IRS, logistical issues and human errors.