The Benefits of Filing Your Tax Returns Early
- Faster Refund: Most people wait until March/April to submit their tax returns. With the large number of submissions to review, it takes longer for your return to be processed and funds distributed, therefore, delaying your refund.
- Prevent Identity Theft: If your SS# is compromised, a fraudulent tax return can be filed and a refund collected in your name. If this should happen, when you file later in the season, your return will be rejected as a duplicate filing. Filing early pre-exempts the tax thief.
- Proper Information/Documentation: Preparing early, without the anxiety of a looming deadline, will keep you calm when gathering all your documents. You can think about what information you need, and less chance of missing something.
- Tax Preparer Availability: When tax season is in full swing, the harder it is to contact your busy tax preparer. By preparing early, you will have their attention.
- Time to Plan If You Owe Taxes: Early filing gives you time to come up with an option for raising the money. You may borrow money or set up a payment plan.
If you need any assistance with your Estate, Tax or Long Term Care Planning, please do not hesitate to contact our office: (718) 238-6960.
This is a good time to plan for the new year ahead!
Please visit our website for information on Elder Law and Estate Planning: www.gylawny.com.
GRIMALDI & YEUNG LLP
Brooklyn and Manhattan Offices:
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