5 Pitfalls Of Procrastinating To File Your Taxes (And How To Avoid Them)

This is a guest post by Jason Kane.

When the calendar turns to a new year, it’s time to start thinking about doing your taxes.

Many people procrastinate on this process, waiting until close to the April 15th deadline to get going. There are many reasons why it’s a bad idea to wait to file.

5 Pitfalls of Procrastinating to File Your Taxes (And How to Avoid Them)

The smart people get going as soon as possible, and they reap the rewards of early filing.

If you’re wondering whether you should get ahead of the crowd on your taxes, here are some pitfalls of procrastinating and a few reasons why it pays to get the ball rolling right away…

1. Mistakes happen when you’re rushed

Have you ever written a paper for school at the last minute? Maybe you passed, but there is a good chance that it wasn’t your best work. When you wait until the last minute, you will be working under pressure. You’ll be rushed, and you won’t have time to go back and review the things that you need to review. This increases the chances that you will make a major mistake on your taxes. If you get things started earlier, you will have a chance to go back and look at your paperwork with a fresh set of eyes after a few weeks. Just as this kind of editing and revising can help you with a major work of literature, it can help you get your tax filing just right.

2. A longer wait to get your money back

In most years, the IRS allows people to start filing their returns at the end of January. Most often, when you do so, you will take advantage of quicker response times from the agency. People who file early in the process usually only wait around three weeks to get their tax refund. People who wait until closer to the deadline can sometimes have to wait up to six weeks. The reason for this is easy to understand. Because more people file later in the process, there is more backup. This causes a traffic jam of sorts, and it can cost you valuable time.

3. The inability to put your money to work

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Comments

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Kate Hayden 5 years ago Contributor's comment

It's true... my mom filed early and got her return within 3 weeks.

Kalen Bruce 5 years ago Author's comment

That's awesome! The earlier, the better...