Tax filing season has officially begun and now is the time to start getting your tax records organized. If any of the following situations pertain to you, consider filing your taxes as soon as possible.
- You’re worried about tax identity fraud. One of the most popular scams by identity thieves is to impersonate someone, file a return on their behalf, and steal their refund. But once you’ve filed, the window of opportunity for identity thieves closes. If you’ve had problems with your identity being stolen in the past or your information has been compromised, consider filing early.
- You wish to avoid a dependent dispute. One of the most common reasons a tax return is rejected is when you claim a dependent already claimed by someone else. This often happens when there is shared custody of a child.
- Someone needs a completed return from you. If you anticipate buying a house early in 2020 or making any other transaction that will need a tax return as proof of income, you may want to file early so you can provide current tax information. This is especially important if you are self-employed and don’t have pay stubs to use as proof of income.
- You have a complex problem to work out. If you have a complex tax problem to work out, do yourself a favor and get your tax return appointment scheduled early. If you receive a K-1 or have any business or rental income, there may be additional calculations required to complete your taxes.
- You need a refund ASAP. Of course, everyone would like their refund as soon as possible. One thing to remember is that the IRS won’t begin processing paper returns until mid-February. Tax returns that claim the Earned Income Tax Credit and the Additional Child Tax Credit will have their refunds further delayed until some time after Feb. 15.
Remember, the sooner your tax return is in the queue, the sooner you will receive your refund. If you have any questions, don’t hesitate to call.