Tax season is officially here! If you haven’t started gathering your tax documents yet, now is the time. Many people tend to procrastinate on filing their taxes, either because they feel overwhelmed by the process or because they assume they have plenty of time. However, waiting until the last minute can lead to unnecessary stress, delays, and even costly mistakes.
Submitting your tax documents early not only speeds up processing but also provides peace of mind. Plus, it helps avoid complications that could cost you time or money. Here’s why sending in your tax forms sooner rather than later is a smart financial move.
- Faster Refunds & Avoiding Delays
One of the biggest benefits of filing early is getting your tax refund sooner. The IRS processes tax returns in the order they are received, meaning that early filers often get their refunds faster. As the tax deadline approaches, the IRS experiences a significant influx of returns, which can cause processing delays.
If you’re expecting a refund, why wait? Submitting your tax forms early means you’ll likely receive your money sooner, which can be especially helpful for covering expenses, saving, or investing.
Even if you owe taxes, filing early still works in your favor. You’ll have more time to determine how much you owe, make any necessary financial adjustments, and ensure your payment is made before the deadline. Instead of scrambling to find funds at the last minute, early filing gives you time to budget and avoid late penalties.
- More Time to Fix Issues
Many people don’t realize they’re missing important documents until they start the filing process. Whether it’s a misplaced W-2, an incorrect 1099 form, or missing deduction receipts, these issues can cause major stress if discovered too close to the tax deadline.
By submitting your tax forms early, you give yourself and your tax preparer ample time to identify and fix any potential issues. If there are errors in your tax documents, waiting until the last minute could force you to file an extension, which only prolongs the process. Instead, early filing ensures there’s enough time to track down missing forms, correct mistakes, and file an accurate return without feeling rushed.
- Reduced Risk of Tax Identity Theft
Tax identity theft is an increasing concern, and it often happens before taxpayers even realize they’ve been targeted. Scammers attempt to file fraudulent tax returns using stolen personal information to claim refunds in someone else’s name. If a fraudulent return is submitted before you file, you could face major delays and an uphill battle to recover your refund.
The best way to protect yourself from tax identity theft is to file your return as early as possible. Once the IRS processes your legitimate return, scammers have a much harder time filing under your name. Early submission helps ensure your personal information remains secure, preventing fraud from delaying your refund.
- Maximize Deductions & Credits
Filing taxes isn’t just about submitting documents—it’s also about finding ways to reduce your tax bill legally. Many taxpayers miss out on valuable deductions and credits simply because they rush through the process or fail to gather all the necessary paperwork in time.
By getting started early, you have the opportunity to work with your tax preparer to:
- Ensure all eligible deductions (such as business expenses, charitable donations, and medical expenses) are accounted for.
- Claim tax credits you might otherwise overlook, such as the Earned Income Tax Credit (EITC), Child Tax Credit, or education-related credits.
- Make last-minute tax-saving contributions, such as funding an IRA before the tax deadline to reduce taxable income.
The sooner you begin, the more time you have to make smart tax-saving decisions. We made a tax season checklist to help you prepare.
- Peace of Mind & Better Financial Planning
One of the most overlooked benefits of filing early is the mental relief it provides. Many taxpayers wait until April, only to find themselves stressed and overwhelmed. Filing early eliminates the last-minute rush and gives you confidence that your taxes are handled.
Additionally, knowing your tax outcome sooner helps you plan for your financial future. If you owe taxes, you can set aside the necessary funds without the pressure of an immediate deadline. If you’re expecting a refund, you can make informed decisions about how to use that money—whether it’s paying off debt, investing, or building your savings.
Take Action Now: Send in Your Tax Forms!
There’s no reason to put off filing your taxes. Submitting your tax documents early helps you avoid unnecessary stress, reduces the risk of errors or fraud, and ensures you maximize your tax benefits. Whether you’re expecting a refund or preparing to make a payment, early filing puts you in control of your finances.
At Abacus, we make the process simple with our Abacus Tax Organizer—a secure and efficient way to provide all the necessary documents for filing your return. Don’t wait—send in your tax forms today and let’s get started!
