We all know the tax filing deadline for 2020 has been pushed from the usual April 15th to July 15, 2020. However, there are many reasons to file taxes now, which we will share below. These three reasons can save you both time and money.
1. You Don’t Have to Pay Now
Those of you who owe money to the IRS / Department of Treasury do not need to pay until July 15th, 2020. You may actually file your taxes before and send in the payment later. This is advantageous to keeping the scammers away. One of their schemes is to file taxes on your behalf – usually incorrectly – and collect any money you are owed. This not only costs you money, but it gets you “on the IRS’s list.” You don’t want to be on it.
2. Get Your Money Sooner
Those of you who are due a refund should file as soon as possible. The Coronavirus / COVID 19 crisis that caused all of this is also sure to delay refund checks. The sooner you file, the sooner you will get the money owed to you. The IRS claims to send out checks within a mere 21 days, when you file electronically, and 42 days when you file via mail. However, they also claim they may “require additional time.”
You may choose to receive your refund as one of the below:
- Check to your bank account.
- Direct deposit to your bank account.
- You may use part or all of your refund to buy a U.S. Series Savings Bond.
- You may get a tax refund loan. We do not recommend this as it can come with fees, interest, and other unnecessary costs.
3. There May be Another Tax Filing Date Extension
Rumors have been flying around that the IRS may extend the filing deadline again to October 15, 2020. They have not confirmed this date as of yet. However if they do, the above reasons are even more important.
Houston File Taxes Now
Feel free to contact us if you live in the Houston area and are ready to file your taxes as an individual, family, or business.
