The IRS is preparing for the 2024 tax season, and the first day to file is Monday, January 29. Although doing taxes isn’t fun, doing so early may be preferable.
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Why Filing Your Taxes Early in 2024 Is a Smart Move?
The IRS expects almost 129 million individual tax returns this season, with many coming in closer to the April 15 deadline. However, filing early has benefits.
An early tax refund is a benefit of filing early. The IRS processes refunds faster if you file your taxes early. If you need your refund quickly for credit card payments or bills, file early.
Early filing may also prevent tax fraud. Tax return fraudsters use stolen information to divert refunds to their accounts. Since the IRS processes returns using Social Security numbers, filing early reduces the danger of this technique. A criminal trying to submit a fake return with your Social Security number later in the season will be rejected as a duplicate.
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Smart Strategies: The Advantages of Filing Your Taxes Early in 2024
Early filing gives you extra time to pay any taxes. Early filing season alerts that you owe the IRS can be beneficial, while refunds are not guaranteed. It gives you plenty of time to save for taxes before April 15.
filing taxes early in 2024 can result in an early return, prevent fraud, and give you more time to pay. While submitting on January 29 may not be doable for everyone, preparing your taxes early is wise.
Staying ahead of tax season benefits you financially and simplifies the process. Whether you expect a return or a tax bill, file your taxes this year.
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