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Benefits to Filing Your Taxes Early

February 16, 2017

Tax Season 2016
Adapted from blog.turbotax.intuit.com

On the one hand, filing your taxes early gets them out of your hair and allows you to be stress free the remainder of tax season as everyone else frantically tries to make the deadline. If that isn’t reason enough, here are a few more benefits to getting those taxes done early:

  1. You get your refund early
    Last tax season close to 75% of filers received a tax refund and the average tax refund was about $2,800. That’s a lot of money. You could pay down credit card debt, student loans, or save it for a rainy day.
  2. File online – it’s easy!
    Using TurboTax Online under your Online Banking is easy, accurate, and saves you money. Once you have gathered your tax forms, you can go online and answer simple questions about yourself and get your maximum tax refund. TurboTax searches over 350 tax deductions and credits and makes sure you get everyone you deserve based on your answers. There’s no reason to stand in line at a tax store when you can do your taxes in the comfort of your own home and even on the go.
  3. Spend less on debt
    If you’ve been struggling to pay off that holiday debt, filing early may certainly offer some relief since the IRS expects to issue nine out of 10 tax refunds within 21 days from accepting your tax return if you e-file with direct deposit. Receiving your tax refund earlier can help you pay down your debt and save about 2 months worth of additional interest.
  4. Avoid missing valuable tax benefits
    People who wait until the last minute to do their taxes tend to rush and may leave out information. One of the most common mistakes tax procrastinators make in a rush is including incorrect social security numbers for themselves, spouses, or dependents. Incorrect social security numbers can cause you to miss out on valuable tax credits and deductions.
  5. You may get a bigger refund than expected
    Your everyday life or life changes can lead to some nice tax deductions and credits that can save money on your taxes. Life changes, such as getting married, having a baby, starting your own business, or starting a new job, can lead to some huge tax savings that may get you a bigger tax refund.
  6. More time and money to do what you like
    Imagine what it would be like to have more free time since you not only saved time filing online with TurboTax, but you also have some more money in your pocket to enjoy months in advance of the filing deadline. You could get ahead on some bills, put some money away for retirement, and enjoy the additional free time with your family.

You can access TurboTax through your online banking. Simply log in and click on the My TurboTax tab on the main menu.

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