It’s tax season! Many Americans dread the paperwork involved in filing taxes, but no one would turn down a tax refund if it turns out the government owes you money. Putting the tax refund into a savings or retirement account is the sensible thing to do, but depending on your financial situation and your goals at any given year, you may have decided to spend the money elsewhere.
How have you spent past tax refunds? Do you think the money was well-spent, in retrospect? Are you expecting a refund this year?
Tell us how you’ve spent your tax refund in past years and we’ll enter you in a drawing to win a $20 Amazon Gift Card!
What do we want? A tax refund! When do we want it? Now!
Here are eight reasons you should pick up the pace on your tax preparation and file well before this year’s April 18 deadline.
1. You’ll Get Your Refund Faster
Simple logic, folks: The sooner you file your returns, the faster you’ll receive a refund (if you’re owed one). The IRS says it issues nine out of 10 refunds within 21 days (sometimes less) with e-file and direct deposit. Use that money to get a head start on spring and summer home improvements, pay off debt sooner than later, or bulk up your emergency savings account.
2. Filing Online Is Easy
If your taxes aren’t complicated — and they shouldn’t be if you don’t have multiple sources of income — filing online should be a walk in the park. Using TurboTax online, for example, is almost effortless, and it will help you submit an accurate return while also saving you money. Best of all, you can do it on your own time and in the comfort of your own home.
3. You’ll Have Extra Time to Pay the Taxes You May Owe
Filing early doesn’t mean you have to pay the taxes you may owe immediately. In fact, it’ll give you a decent window to figure out how to cover that cost, especially if you don’t readily have it available. If you submit your tax return in February, for example, you still have until the April deadline to come up…