Taxpayers have a little extra time this year when filing their returns.
The IRS opened it’s filing window in late January and won’t close it until April 17th.
If you haven’t done it yet, there are some risks with waiting until the last minute to file.
The IRS says one of the best reasons to prepare and file your tax returns early is to protect yourself from Tax ID Fraud.
That’s a wide-spread scam where a criminal files a return on your behalf and then collects a refund.
In addition, the IRS says you’ll want to get started now if you haven’t yet in order to catch errors in tax forms.
If you don’t catch mistakes and request corrections, wrong information can be sent to the IRS when filing and you may end up owing more money in the long run.
Lastly the sooner you file a tax return, the sooner you’ll get a refund.
To receive it in as little as 10 days, file your tax return electronically and have your refund deposited into your bank account.
While you can request an extension and delay filing until mid-October, that does not grant you extra time to pay your taxes.