What is the purpose of services such as TurboTax if not to procrastinate filing your taxes until the absolute last minute? Well, they also exist for you to be able to optimize your filing time in order to get them in ahead of the crowds. The sooner you file your taxes, the more benefits you’ll be able to reap.
Get Your Refund Back Faster
If technology has taught society anything, it’s that we shouldn’t have to wait for anything. The same applies to your tax refund. The earlier you send it in, the earlier you get your refund back. Filing online also gives you the option to directly deposit it into your bank account, getting your money to you even faster.
If you are not in the party of refund-receivers, you may find yourself owing money to the IRS still. The sooner you file your taxes, the sooner you will know just how much you need to save up in order to pay them. You don’t have to pay it right away, either. If you file in January, you have until the deadline in mid-April to pay back what you owe.
Proof of Financial Stability
After you file your taxes, you are given a report with your financial information. This can be useful for college students applying for financial aid, or those that may need it to prove financial stability when buying a house.