Although filing taxes early may not sound enjoyable, it’s a wise financial and mental decision. Obtaining your W-2 form from your company at the end of January is essential to getting off to a good start, according to tax expert Michael Herzog. The income you made last year is displayed on this form. Your refund might be a substantial sum of money, often $2,900, so the earlier you complete your taxes, the sooner you can receive it.
Maximize Your Tax Refund: Tips for Faster Refunds and Less Stress!
Herzog recommends filing online and opting for direct deposit. This way, you’ll get your refund faster compared to filing by mail. But before you begin, gather all your paperwork, including W-2s and 1099 forms for any additional income like dividends or interest. Forgetting a document might not go unnoticed by the IRS, and they’ll let you know!
There’s a mental health benefit to getting your taxes done early, too. Even if you owe money, knowing the amount early gives you time to plan and budget. Plus, if you miss reporting income, the IRS will catch it eventually, so it’s better to be upfront from the start. If you file today, you might get your refund in about 21 days with e-filing and direct deposit, but it could take longer if you mail it in.
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Get Ahead of Tax Season: File Early for Faster Refunds and Less Stress!
It is advisable to avoid delaying since the wait periods may lengthen as April 15 approaches. You may enjoy your refund sooner and prevent last-minute worry by completing your taxes early.
So, heed Herzog’s counsel: compile your paperwork, submit it online, and then relax knowing that your taxes are done. A little work today can pay off handsomely in the long run!