9 Reasons You Should File Your Taxes NOW!

Reduced Fraud

Though we might hate to think it’ll happen to us, there’s always a chance of someone else filing a fraudulent tax return with your information. Something like this could happen even outside of the special circumstance that we have right now with the moving deadline, so a good practice would be to always file early, no matter what.

This is because the IRS will not immediately know that a fraud took place. In fact, they would only be notified of one after they receive a second set of returns- yours, the real ones. While the IRS might contact you to ask about this bogus return, by then it’s very likely that the fraudster got away with it and has all of your refund money.

If you make the first move, then when the fraudster files a tax return in your name, the IRS will be notified of this immediately. Plus, you won’t have to hassle them for your refund.

But another way to avoid having to deal with the IRS about your refund, whether or not you come across fraud, is to adjust your withholdings at work or make estimated tax payments. That way, you won’t be getting a refund because you’ll already pay the appropriate amount. And, by doing so, you’ll also avoid giving Uncle Sam an interest-free loan!