Tax payment is an obligation on every citizen. It is important that you act as a responsible citizen and plan your tax payments on time. Filing your tax earlier is of great advantage for IRS but it also has many advantages for an individual who files the tax on time. Following are the few advantages of filing tax earlier:
You will get the refunds earlier
Naturally if you file your tax a return earlier and there is a claim for refund in your returns. That means that your file will be processed early and you will get the refunds earlier than those who delay the filing of tax returns. Early filers may only have to wait for their refund for 21 days whereas a later filer may have to wait longer, say, 31 days. If you get your tax filed by a tax preparer, he will make sure that your file is processed fast and you get the claim faster. Another way of getting tax refunds earlier is by filing tax returns electronically rather than sending it through the mailbox.
The quicker you file the tax, the greater are your chances to enjoy the financial aid
If you are a student, it is better that you send your tax information early to get the maximum amount of financial aid. There is a direct link between the Free Application for Federal Student Aid form and the IRS, so if you file your returns early and you are a student, the IRS might submit your case to the financial aid department automatically. This increases your chances to gain financial aid.
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