Positioning yourself as an early tax filer offers much greater benefits than waiting until the last minute to file taxes. At Verdeja, De Armas & Trujillo, LLC, our Miami accounting firm has provided you with a list of why filing your taxes early is beneficial for you and your business.
If you take it upon yourself to send your tax return within the first few weeks of tax season, you will not have to pay the IRS until April 15 if you owe a balance. This should provide you enough time to organize your Form 1040 and prepare for your payment. Also, this extra time will provide an opportunity to find out how much you owe and how to budget for it.
It is common knowledge that the sooner you file your taxes, the sooner you will receive your tax refund.
Two challenges that could be faced by those who don’t file their taxes early are filing for an extension and enduring late payment penalties. There is nothing wrong with filing for an extension; however, it is one more thing to concern yourself with later on in the year. In terms of late payment penalties, it’s a burden to have to pay a high amount in taxes and then have to also pay a sufficient amount in late fees.
When tax season starts, so does the stress that follows. This stress is usually caused by not filing your taxes early. Filing your taxes early, especially as a business owner, can be a very effective way to reduce stress. In regard to business owners, since they are not filing as individuals, they need to endure more IRS requirements, in addition to managing estimated quarterly taxes. Filing early will get you and your business back on track for generating revenue.
Various types of tax fraud and scams exist no matter where you live or how much money you make. By filing your taxes early, you are able to evade these problems and prevent anyone else from sending in your personal information and collecting whatever refund is rightfully yours.
At Verdeja, De Armas & Trujillo, LLC, the qualified staff at our Miami accounting firm would like to ensure that you consider filing your taxes early. Our team of dedicated professionals in our tax department provides tax consulting and compliance services to individuals, corporations, S corporations, partnerships, limited liability companies, trusts and estates and non-profit entities. Contact us today for a consultation!