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File early or take it down to the wire? We look at the advantages and disadvantages of filing your taxes ahead of time versus waiting till Tax Day dawns. Should I Wait to File Taxes? Pros vs. Cons

Filing your taxes well ahead of the deadline seems sensible, but are there reasons why it might pay to wait until closer to tax day? In this blog, we take a look at the benefits of knocking out your tax return early while also considering some reasons why you might want to wait, including the timing of your investments and changes in tax law.

Advantages of Early Tax Filing

The best argument for getting your taxes done early is just to have them done. But are there actual advantages to getting them off your desk early other than just peace of mind?

Early Refunds

The Internal Revenue Service (IRS) processes returns in the order they are received. Filing early makes it more likely you’ll see your refund check sooner—sometimes as soon as 2-3 weeks after you file them if you’re ahead of the rush.

If you think you might owe money on your taxes this year,
Even if you’re fast at doing your return, events like divorce, job loss could make things trickier this year.
Filing early means the IRS will red-flag anyone who might subsequently fraudulently file in your name.

Greater Accuracy

Taking your time on your tax returns allows you to double-check your sums and make certain whether you should do the standard deduction or itemize. Completing your tax return as tax day looms makes it more likely you’ll make mistakes that can cost you.

Running it down to the wire makes it possible you could miss filing altogether. An unexpected personal crisis or discovering you are missing critical documents at the last minute may expose you to late filing charges or interest charges on outstanding payments.

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