You don't have to file your state and federal income taxes until April 17 this year. With that deadline less than a month away, roughly 60% of Americans have yet to file. Apperently, we are a nation of procrastinators.
If you are one of those in the majority waiting until the last minute, you could run into headaches, expenses and other problems.
Here are a few issues to consider:
1) You'll have less time to come up with any money owed to the IRS
Many people are blindsided by what they owe the IRS.
If you wait too long to file your taxes you're short-changing yourself on time. Simply put, the sooner you file, the sooner you'll know if and how much you owe the government. That knowledge can help you plan to save for the bill and reduce the likelihood that you'll need to take out a loan or use a credit card to cover it.
2) You increase your risk of identity theft
Tax returns are being filed with stolen Social Security numbers continue to be a problem. Try to get your return in before a thief pretending to be you does.
As always, if you have questions, or would like professional assistance, you can reach me at 423-622-3156. Tax Preparation shouldn't be a sprint, and with our help it doesn't have to feel like a marathon either.