Tag Archives: Filing (legal)

The Pros and Cons of Filing Your Tax Return Early

Some people can’t wait to file their tax returns. They are the lucky ones, who anticipate a refund. Others dread tax season every year, and want to put off the knowledge of how much they owe the IRS for as long as possible. In these contrasting situations, it is easy to see why some people would want to file their tax returns early, and why others would want to wait. But are there advantages to filing early, in general? Or are there drawbacks? If you find yourself considering the possibilities of both, then these pros and cons of filing your tax returns early should help.

Pros:

Faster refunds. As previously mentioned, people expecting refunds may want to file early. Why? Because a faster refund means having access to much-needed (or wanted) cash earlier. That’s simple enough.

Getting the monkey off the back. Even if you expect a refund, actually gathering the documentation and filling out the paperwork can be a source of apprehension. Getting it over and out of the way can ease your tax season tension, pronto.

Finding tax professionals. Because many people choose to wait until the last minute to file their taxes (and because many employers get 1099s and W-2s out at the last minute) it is a good idea to file early if you are prepared to. This way, you can avoid clamoring for the attention and services of a tax preparer when then clock is ticking down.

If you owe money. Filing early means you know exactly what you owe the IRS even sooner. This allows you more time to prepare for that big payment, or to make arrangements to pay it over time. When it comes to paying bills, the general consensus is that the more time we have to pay them, the better. Right?

Cons:

Missing amendments. Some amendments to tax law come out late in the tax season. Therefore, if you file early, you may miss out on pertinent changes that could alter your tax returns, which may require that you file extra forms to amend your taxes.

Parting with your money sooner, rather than later. If you are one who is considering filing early to pay your tax burden early, then you might want to reconsider. Think about what that money could be doing for you if you held on to it a little bit longer, as opposed to handing it over to the IRS.

As you can see, there is a lot to consider when it comes to filing your taxes early. Is it for you? Read over these pros and cons and decide for yourself.

About the Author: Bernetta Ladden finds tax time to be stressful. After she meets with her accountant she enjoys relaxing with the oolong tea blend she loves. In her spare time she can be found searching goldenmoontea.com for another great blend.

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How To Get The Most From Turbo Tax

People are wondering for 2012 tax season how they can get the most tax refund. The filing deadline is April 17. Even though, we are a few months away from submitting returns, getting yearly spending together might be haunting the mind.

Turbo tax is the best-selling tax software that offers a step-by-step guide on how to file your tax return to get the maximum refund at a low price.  Do not pay a high price to the tax office and still wonder if your savings were maximized.

To receive the highest refund, we should choose the cheapest and best option when filing tax returns.

The tax office has done our tax returns at least once in our lives. Savings needs have increased and turbo tax is a cheap, fast, and easy way to file tax returns.

Turbo tax editions are simple to use and offer a step by step guide on how to fill out forms. If another tax preparation method offers you a bigger refund, turbo tax guarantees your money back.

I have compiled the most common turbo tax software for you to browse and find which category fits you. You can make a decision which one you should choose to file your taxes.

The free edition is for singles, with no investments and only one source of income. Free technical phone assistance, free e-filing and the 1040EZ form is included. To save time, the prior year’s return can be imported. It costs $27.95 to file your state return

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