Should you file your taxes early this year?

Sponsored - This year the deadline to file your 2021 taxes is April 18, 2022. The IRS (Internal Revenue Service) started accepting tax returns Jan. 24. According to IRS data, in a normal tax year, about 30 million taxpayers (about the population of Texas) wait until the last two weeks before tax deadline to file their returns. Unfortunately, things are far from normal right now due to Covid-19. Let us discuss some reasons you may want to file early.

The IRS is already behind: As of December 2021, the IRS still had 8.6 million regular and amended tax returns to process—this was before the 2021 returns even started. Millions of taxpayers have waited months, and some are still waiting to get their tax refunds. The IRS expects delays could be even worse in 2022. You need to file early, file electronically, and choose to receive your refund via direct deposit. You want to file but do not rush the process. If you received Advance Child Tax Credit payments, you will need to include those in your taxes. Failure to do so will result in your tax return being delayed.

Less stress is the best: Surveys show, most taxpayers (61%) say tax season is stressful. Thinking and worrying about filing is often much worse than doing your taxes. Let the professionals at Supreme Fast Tax relieve the stress of filing.

Beat them to the punch: Early filers can protect their refunds from identity thieves. Identity theft is real and the last thing you want is to be a victim of tax refund fraud. Between 2015 and 2019, the IRS stopped online tax fraudsters from stealing $26 billion through identity theft tax refund fraud. If thieves file a return using your Social Security Number, the IRS will reject your return. Due to their records showing you have already filed. This could result in months of waiting to receive your refund.

Tis the season: You may have already found out the hard way, that most tax offices are not open year-round. So, whoever your tax professional is they may not be available when needed. Considering that the IRS has extended tax season for the last two years, the ratio of preparer to clients will be even worse. This will lead to a scenario where there are more people filing than qualified preparers available. Remember that is before including the millions of people who will need amendments. This is why Supreme Fast Tax is available year-round.

Yes, you should file now.