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Even so, many people struggle to decide when to file during the first few months of the year.
You might assume any month before the April deadline is fine, but that isnt always true.
Heres a look at when youshouldnt file your taxes.
double-check you have every expected W-2, 1099 or K-1 in hand.
Firms typically send them out by Jan. 31, but some companies run late or issue corrected statements.
Some forms may arrive electronically, so double-check spam folders and online accounts.
If you suspectmissing documents, hit up the issuer.
Submitting taxes based on old data could mean you leave out gains or losses.
That can force you tofile an amendmentlater, which takes extra time and may delay any refund.
If you have complex investments, consider waiting until late February to ensure your brokerage statements are final.
Keep an eye on your email.
Many providers send notices that updated forms are available.
If you expect complicated 1099s, a phone call to your broker could save you headaches.
Late March: High Professional Demand
Tax preparers face a surge of clients starting in mid-March.
If you wait until late March, you may find your accountant buried in a mountain of returns.
This could lead to rushed work or the possibility of your pro recommending youfile an extension.
If you know you have complicated taxes, schedule an appointment in February.
Provide your accountant with all forms as soon as you get them.
Gather receipts, statements and forms in one folder.
This will reduce the time your CPA needs to piece everything together.
If youre not fully prepared, yourisk mistakes in your return.
You could also run into jammed phone lines or online systems.
Filing Earlier When You Owe Money?
Some people want to file as early as possible to check off a major item on their to-do list.
But if you know you owe taxes, you might prefer to hold onto your money a bit longer.
Just dont miss the April deadline.
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