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After all, filing late can lead to some hefty penalties.
The failure-to-pay penalty is up to 25% of theunpaid taxes.
If you need further convincing,here are the top benefits of filing taxes early as a retiree.
It was one of the largest data breaches in history, said Kevin Knull, CFP and president atTaxStatus.
Filing early can help protect you in the face of tax-related fraud and identity theft.
It has never been more vital for taxpayers to file taxes as early as possible this year.
If you want to avoid the tax rush, and the headache that often entails, file early.
It Could Mean a Faster Refund
According to the IRS, theaverage refund amountis $3,138.
But setting the amount itself aside, filing early could mean getting that refund sooner than expected.
For retirees who rely on this refund as a part of their regular income, this can be huge.
Refunds are generally processed in the order received.
It Helps With Required Minimum Distributions (RMDs)
Handling your financials in retirement can be complicated.
Accounts subject to RMDs include traditional IRAs, SIMPLE IRAs, and SEP accounts.
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