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Benefits of Being the Early Bird


If you are anything like me, you looked up a few short weeks ago and realized that the deadline to file income taxes was fast approaching. While I set out each year to have everything in order so that I can file before the due date, somehow, life’s circumstances always interfere, and I find myself scrambling at the last minute to meet the deadline or to file for an extension. Determined not to chastise myself too much for not changing my behavior, I decided to take a different approach and concentrate on the benefits of filing early. It is my hope that focusing on the benefits of early filing will motivate me to have a different outcome in 2025.

When all the paperwork is completed for a tax filing, the taxpayer will know whether to expect a refund or if a payment is due. Filing early is beneficial to both scenarios. When taxes are filed early, the processing is completed earlier. That means that if you are anticipating a refund, you should receive your refund sooner! Filing electronically and opting to receive your refund by direct deposit will also help you get your refund faster.

Your refund may help to pay bills, purchase essential items, or help you reach your financial freedom goals. If you owe funds, early filing allows for additional time to plan. Will the funds bust the budget come from savings, or will I need a payment plan? Remember, if you file early and owe, your payment is not due until the deadline date.

Other benefits of filing early include the opportunity to maximize your claim and decrease stress. Carefully reviewing all possible tax deductions and tax credits may produce a larger refund. Delaying a filing until the last minute may result in claiming only the standard deductions and a smaller tax refund. Filing an early tax return can eliminate all kinds of stress that may occur when a daunting task or assignment remains undone. Plan to file early and eliminate stress that might otherwise affect mental and physical health, and wealth.

I may have missed the opportunity to file early this year, but having a better understanding of the benefits of early filing certainly makes it a priority for me in the future.

Benefits of Being, the Early Bird


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