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4 Reasons Why You Need to File Your Taxes Early

It’s already February and the deadline for filing your taxes is creeping up fast. If you wait too long, the eve of April 15th will spring upon you, putting you in a mad rush to get everything filed.

Rather than waiting for a tax crisis to hit you in mid-April, you’ll be better off taking the situation into your own hands. Here are 6 excellent reasons for filing your taxes early, which I know will help motivate even the biggest procrastinators.

Get rid of that feeling of dread

Maybe you’re putting off your taxes because you don’t want to deal with the stress. Even though you’re avoiding your taxes in order to reduce stress, as the deadline approaches there’s a feeling of dread eating away at the pit of your stomach.
By waiting till the last minute, you’re letting that horrible feeling fester away. You’re only going to stress yourself out more in the end because you’ll have to hurry everything up. However, when you file your taxes early, your dread will be replaced by a feeling of self-satisfaction, and you’ll be able to focus on the happier things in life.

Avoid the tax-filing rush

April is a busy month for accountants. Their offices are swamped with tax filings for all the procrastinators.
If you file your taxes in April, and you expect it to be done quickly and to receive your refund fast, it’s kind of like going to a busy restaurant on a Friday night, without a reservation, and expecting to be seated right away. Not only will your tax professional be too busy to push things through in a hurry, the IRS will be even busier processing all the last-minute taxes.

On the other hand, if you file your taxes several months early, your tax preparer will be more available to file for you, and you’ll receive your refund sooner.

Get a bigger refund, and get it sooner

If you file early, you’ll be able to focus on getting the biggest possible refund. You’ll be much less likely to make the mistakes that could cost you thousands of dollars, or result in a dreaded tax audit.

Once you get your fat refund, you can pay off debt faster, and use the extra cash on the things most important to you.

Avoid potential tax fraud

Tax fraud is one of the biggest forms of identity theft, and the best way to guard against it is by filing your taxes early. Tax fraud works this way: someone gets a hold of your personal information and files a fraudulent tax return. They claim a refund, and when you get around to filing your real tax return, the IRS informs that they’ve already processed a tax refund for you.

Oh, the hassle and paperwork! It can take months and even years to dispute a case of identity theft. When you file your taxes early, you beat the identity thieves to the punch. That way, when they try to file a fraudulent return, you’ve already got your refund and it’ll be much easier to deal with.

So tackle your taxes head on, and go see a tax professional today! When April 15th finally comes along, your taxes will be but a distant memory.

Getting Organized for Tax Season

In a world where very little is agreed upon, almost everyone can come to the consensus that tax season is a time to dread. There are so many papers, receipts, and slips that need to be gathered at tax season and that can be a drag.
But, if you stay on top of organization throughout the year, you can decrease your tax time stress and feel much more relaxed as the New Year begins. This year as you contemplate the looming tax season and the seasons to come, take action and get your tax-related documents in order and in gear.

Keep Track of Everything

Keeping track of the many different items you will need in order to file your taxes is also important. From forms, to receipts, to the many other documents you need, it is important to get them together early, so you can be sure that you are prepared for this tax season, and to prepare your taxes every year.

The kinds of forms and documents you will need will vary based on your personal financial situation. This situation could vary based on your employment status (employed, unemployed, self-employed, student), your investments (stocks, bonds, mutual funds), properties you own (rentals, trusts, vacation homes), and many other factors.

Make it a Habit

The most important thing when it comes to staying organized for the tax season is to create a habit. This means that you should get used to putting your tax documents in a safe place as soon as you find them so you can be prepared for every tax season, this year and in the years to come.

It is also a good idea to keep a physical and virtual filing cabinet, so you can have a place for each of your tax documents. This way, you can make a place for each of you different tax needs, from donations and deductions to receipts, W2s, and other important forms. By making a habit of putting documents into their appropriate locations, you will be able to make the tax season much more joyful for you and your tax professional.

This habit of organizing your financial and tax-related documents will also be useful as you try to stay more financially independent in general. If you have easy and organized access to all of your financial materials, you will be able to look to your own files to check against bank records in case of trouble or a mistake.

Stay Organized, Save Time

Once you have organized all of your materials, you will find that the tax season is able to move much more smoothly. And the more time you spend organizing, the less time you will have to spend searching through documents and trying to find the right places for the right things when tax season comes along.

This organization will also help the season be much less overwhelming as you will be able to approach your tax professional with a neat and orderly stack of documents. So start today and get your tax documents together to make the weeks to come much more pleasant!

Taxes Can Be a Dream Not a Nightmare

When you hear the word “dream,” it usually is usually associated with good things. (And, we’re talking bucket-list type of dreams, not sleeping dreams.) People dream about backpacking around Europe, learning how to play the drums, skiing in the Alps, or sleeping in a Mongolian yurt. These things just seem so cool and dreamlike and grand that people rarely take their own dreams seriously. The thing is, they aren’t! Your dreams are within you reach. Sure, it may take some planning and research and guts, but if you put your mind to it, you can live your dreams.

Many people also dream about getting more of their taxes back. But it sounds too good to be true. We live in a cruel world. But the truth is, there are a lot of common deductions that people simply overlook – missing out on the realization of their tax-back dream.

Here is a list of a few commonly overlooked deductions that you should definitely look into.

Energy-Efficiency

Our government is all for energy efficiency. Families or individuals that have taken measures to make their homes more energy efficient, qualify for up to 10% tax cuts on those expenses. Improvements that fall under this category include home improvement projects like new insulated windows, new doors, or a new roof.

Furthermore, if you have chosen to put up actual alternative energy measures, like solar panels or wind turbines, in your home, you can write off up to 30% of those costs! Who knew that you’d save money via taxes, not only cuts in energy costs when you installed these great, environmentally friendly devices! It really is a dream.

Disaster

If you wish that life was fair, in this case, you are chasing an impossible dream. However, the government is not heartless. They try to make up the difference if they can. In cases of disaster, damage, and burglary, you may be eligible to claim those losses on your taxes. Of course, this comes with some conditions. Regular wear and tear does not count. Neither do costs that have already been covered by your insurance. However, if you don’t have insurance or were not fully covered, you may be able to catch a break with the government.

Additionally, people who live in areas that have been declared a federal disaster area are automatically eligible to claim their losses. When life is unfair, the government does try to even things out.

Dependents: Young AND Old

Everyone knows that you get tax breaks for kids. But many people forget that they can claim deductions if they are taking care of their elderly parent(s). Whether old or young, taking care of dependents can be a heavy financial burden. This can even apply to a spouse who is mentally or physically incapable of taking care of themselves. You can get up to $3,000 per year for taking care of these dependents!

These are just three of several tax deductions available to many qualified candidates. If you’re not sure how to claim these tax deductions on your own, we recommend contacting one of the tax professionals at our Utah Check City Locations. If you dream of getting more back for any hardships or expenses you have, don’t simply dismiss those dreams. There’s a chance it could be realized!

Get out there and search around for additional deductions you may have missed!

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