3 Benefits of Filing Your Federal Income Taxes Early

There will always be a crowd of taxpayers who wait until the last minute in April to file federal income tax returns. While there are benefits such as receiving your tax refunds faster, there are other helpful perks to submitting your taxes as soon as possible including the following: Preventing tax return identity theft Extra time to pay your taxes Obtaining vital information for financial planning   Preventing tax return identity theft When filing early, this may not eliminate the possibility of identity theft but it will protect your refund from falling into the wrong hands. Most cases of tax-related identity theft occur early in the tax season. When an identity thief files a return using your Social Security before you get the chance, the IRS will automatically deny access to your tax return because they assume that you have already filed it. It is important to highlight that once a criminal has access to your Social Security number, that is all they need to file in your name. In this case, you will have to file a paper return and your refund will be delayed several months.   Extra time to pay your taxes As a taxpayer, you may be facing a tax bill rather than a refund. Many assume that by putting of filing as long as possible will help you save money in time for the last minute mid-April. If you file your taxes early, you will be at an advantage of knowing exactly how much you owe the IRS, without having to pay in full until April’s filing deadline. Knowing your amount due earlier will...