Don’t wait to file your tax return

When the IRS extended the tax deadline until July 15, some taxpayers may have deleted the tax-related reminders and breathed a sigh of relief. But there are a number of good reasons to get your taxes prepared as soon as possible.

1. You will have a more complete picture of your overall finances, which will allow you to plan more effectively for the rest of the year. With the COVID-19 crisis, so much is uncertain, and getting your taxes done timely might relieve some of that uncertainty.
2. Filing your taxes allows you to determine your estimated quarterly payments. Falling behind could potentially result in penalties, so it pays to stay up to date.
3. If you’re expecting a refund, filing your taxes without delay should be your plan. If you wait to file, you’ll have to wait longer on that infusion of cash.
4. To complete some key paperwork (like financial aid forms and loan applications), you will need your 2019 tax return. To avoid a ripple effect of delays, we recommend filing your taxes sooner rather than later.