When should I file my tax return early?

Americans love to do things at the last minute. Maybe it’s the thrill of barely beating a deadline. Maybe we’re just plain busy. Maybe we’re nervous about the outcome. When it comes to filing our tax return it’s often the latter.
“What if I owe money? What if my return isn’t as big as I was expecting? The “what if” of the situation can make the process nerve-racking.
For the 2013 tax filing, the earliest the IRS will begin processing electronically filed returns is January 31^st.
Here are 5 reasons to make a case for avoiding the procrastination bug and get your return filed long before the April 15^th deadline:

1. Get your money sooner: If you’re entitled to a refund then why wait? You have bills to pay and fun and exciting things to do with your money. Get it back and get the tax-filing monkey off your back by filing early. Conversely, if you owe taxes, you’ll know how much earlier and will have more time to drum up the money to pay.
   
2. Help with school: Getting your tax returns done early can help you avoid another last minute rush for filing for financial aid. There is now a direct link between the Federal Student Aid forms and the IRS, so getting your tax return filed will establish your data with the IRS and streamline your financial aid application.
3. Feuding ex-spouse or parent: Hopefully you don’t fall into this category and it’s best to if you can keep the IRS out of your marital strife. But sometimes a spouse who shouldn’t be claiming a child claims that child first, and you’re stuck with the challenge of contesting the right to claim your rightful dependent (consult us on the rules that govern claiming a dependent.)
4. Don’t be a victim: Identity theft is on the rise. The sooner you file, the less opportunity someone else has to file a return in your name. Some criminals break into a home or car, steal identification information and then file taxes in that persons name to collect a refund that isn’t rightfully theirs. Sure, it may not happen to you but lessen the chances for this to happen to you by filing early and get to filing early. When you do file, having your refund direct deposited also avoids opportunities for theft from your mailbox.
5. Less chance of error: The earlier you get started on filing the better chance you have to get organized and discover any missing items. Getting a jump on the process will give you time to gather information and submit a completely accurate return to maximize refund or minimize tax liability.

One word of caution if you’re thinking of filing early: make sure you’ve got all your tax documents before filing. It’s hard enough to remember what you had for breakfast yesterday! Sometimes trying to recall what jobs and sources of income you had last year can be just as tough. So don’t forget about that holiday side gig you picked up and make sure you have everything when you visit our offices.

Visit our website at www.JacksonHewitt.com to locate one of our offices in your neighborhood, find a handy checklist to help you get ready for filing, and find additional offers.