Are income taxes a confusing task for you? One that you always delay until the last minute? There are a lot of good reasons to file your tax return before the deadline.
If your tax return is fairly simple, you can take advantage of the many free online filing software packages that exist today. Most of them have a step by step quick filing process that you can follow.
Many communities have volunteers that are willing to assist or prepare tax returns for seniors or students.
Here are the 10 reasons:
- If you take the time to file your taxes yourself, you will save the fee that the tax preparer charges. Start now and you can get help from friends or family.
- You will get your refund sooner if you are eligible for one.
- If you owe, you can pay on time, avoiding costly penalties.
- If you owe, you have more time to make the payment.
- If you owe and you can’t pay, avoid a late filing penalty by filing on time.
- Some government programs or subsidies depend on your income tax assessment (or Form 1040). Filing will help you continue to get the payments on a regular basis.
- College students can use the assessment (or Form 1040) to apply for financial aid.
- If you are purchasing a home, the bank will use the assessment as proof of income.
- If you need assistance to file your return, the tax preparer won’t be as busy if you file early.
- It will give you peace of mind, knowing that you have finished for the year.
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