Whether it’s rushing to finish a project the night before it’s due or racing to find last-minute presents on Christmas Eve, we’ve all been guilty of procrastinating important tasks at some point.
There’s one thing we all usually postpone more than anything else — filing our taxes. But there’s nothing like being ahead of the game when it comes to your taxes. Check out these four reasons why it pays to file them early.
GET YOUR TAX REFUND ASAP
The VITA program helps taxpayers file their taxes free of charge,* our VITA volunteers have helped the El Paso community save more than $16.7 million in tax preparation fees. In 2020, we filed more than 8,500 tax returns and helped El Paso get $16.4 million back in total tax refunds. Looking at those numbers, we can’t think of a good reason why you’d want to delay filing your taxes.
AVOID IRS ANXIETY WHEN YOU FILE YOUR TAXES EARLY
Tax season can be stressful for family finances. Many of us need to sum up our finances and fill out quite a few forms by tax day. But any time that you face an unpleasant task, it’s best to get it out of the way as soon as possible.
Give yourself a deadline — before the April 15 tax filing deadline — to get your taxes done. Once you file your return, give yourself a reward for being so responsible and efficient because you earned it!
PROTECT YOURSELF FROM IDENTITY THEFT
The IRS has recommended filing your taxes as soon as possible so that if identity thieves get hold of your information, they won’t be able to use it. Tax-related identity theft happens when someone uses your stolen information to file a tax return and claim a fraudulent refund. This is why it’s always a good idea to file your tax return as soon as you have all of the documents that you need.
EARLY FILERS WITH A TAX BILL HAVE MORE TIME TO MAKE A PLAN
If you owe money to the IRS, it’s a good idea to prepare and file your return as early as possible. That way, you’ll know exactly how much you have to pay early during the tax season. The more time you have to make a plan, the less likely you are to break into that piggy bank, derail your budget or drain your emergency fund. Get the facts about what you owe, make your payment plan and get that tax bill out of the way as soon as you can.
GECU’s VITA program can help you file your taxes free of charge! Just visit one of our drop-off sites throughout the El Paso community. Find more information and a VITA drop-off site near you at freetaxeselpaso.org.
To read more about the VITA program, including what to bring and some quick facts, click here: talkbox.gecu.com/free-tax-filing-with-vita-tax-assist
*For qualifying households.
