It’s Tax Season!
It is once again that time of year to start thinking about getting your taxes done. Uncle Sam is ready to collect his money, unless you are one of the lucky ones and expecting a return. Whether or not you owe or are owed money, there are both pros and cons to filing your taxes early.
The IRS officially starts accepting returns as early January and gives you the choice to file as soon as your W2 and 1099s are received.
Advantages to filling early can be:
*Receiving your refund faster
*Getting it over with
*Avoiding crowds and long lines at the post office
*Avoiding the possibility of being late, and owing more
*Giving your self time incase you realize something is more complicated that originally though
Advantages to waiting to pay your taxes until they are due:
*Maximizing your interest by keeping the money you owe in an interest-bearing account until April
*Possibly decrease your chances of being audited. Some think that it’s best to put your taxes off until the very extreme, and this will lessen your chances of being audited
*Tax forms can sometimes be updated during the tax season, the changes might not be reflected yet if you file early
If you are receiving money back it may be hard to wait, lending out your money to the government interest free is very nice, but not something that we all want to do for extended periods of time. If you are going to have to pay, it might be worth the wait!


