Why You Should File Your Taxes Early

Photo: Dawid S Swierczek (Shutterstock)

It’s tax season, folks. While it’s tempting to put off doing your return until the last minute, it’s probably better to go ahead and do it right now. The main reason to file your taxes early—i.e., before the April 18 filing deadline—is to get in line to receive your refund. The IRS says it expects to process returns and issue refunds within 21 days, though delays are certainly possible. File sooner, get paid sooner.

Another reason to at least start working on your return now is to give yourself time to do it carefully and seek professional tax prep help if you need it. If you’re rushing to complete your forms the night before the deadline, you’re more likely to make a mistake or miss a credit or deduction, which can delay your return and possibly cost you money.

Finally, if you think you might owe taxes, filing right now gives you time to plan ahead for payment. Even if you submit your return early, payments aren’t due until the April filing deadline.

How do I get my refund sooner?

No matter what, you should plan to wait at least a few weeks to see your tax refund. For the fastest turnaround, file electronically and sign up for direct deposit. Paper returns and paper checks add processing time. Double-check that you have all of your tax documents included and triple-check your return for errors to ensure it’s complete and accurate.

When can I file my taxes?

You can file your taxes right now. The IRS began accepting returns on January 24. You may not have had all of your documentation in hand that early, but employers and other institutions were required to send out W-2s, 1099s, and other tax forms forms by January 31.

If you don’t have the documents you need, reach out ASAP.

If you made less than $73,000 last year, you can use the IRS Free File providers to submit your tax return electronically at no charge. Anyone can access the IRS fillable forms for free. Or you can use a commercial tax prep software like TurboTax, which may cost money depending on the service you opt into.

If you made more than $73,000, you do still have a free option in fillable forms, which you have to complete yourself without guidance. Strongly consider ponying up for a professional.

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