When the IRS extended the tax deadline until July 15, some taxpayers may have deleted the tax-related reminders and breathed a sigh of relief. But there are a number of good reasons to get your taxes prepared as soon as possible.
- You will have a more complete picture of your overall finances, which will allow you to plan more effectively for the rest of the year. With the COVID-19 crisis, so much is uncertain, and getting your taxes done timely might relieve some of that uncertainty.
- Filing your taxes allows you to determine your estimated quarterly payments. Falling behind could potentially result in penalties, so it pays to stay up to date.
- If you’re expecting a refund, filing your taxes without delay should be your plan. If you wait to file, you’ll have to wait longer on that infusion of cash.
- To complete some key paperwork (like financial aid forms and loan applications), you will need your 2019 tax return. To avoid a ripple effect of delays, we recommend filing your taxes sooner rather than later.