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Tax Season 2020: Why it Pays to File Early

Posted by Tom Hallissey on Jan 10, 2020 10:00:00 AM

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With tax season 2020 about to begin, it’s time to get those calculators out of the closet. It’s smart to start preparing today, because April 15 will be here before you know it.

3 Reasons to Get Ready for Tax Season 2020 Today

Tax season officially opens on January 27, 2020. Although many wait until the last-minute to contact an accountant, there are several reasons why tax procrastination simply doesn’t pay off.

1)      Money in your Pocket More Quickly

Tax season has its benefits.

Many Americans anticipate the start of tax season, because it means they will soon have more money in their pockets.

Last year, the average tax refund check was $1,949. Whether you are hoping to take a vacation or buy a new car, your refund could be the monetary boost that makes everything possible.

Beginning tax planning and preparation today puts you one step closer to reaching your goals.

A man fills out a form for tax season 2020.

2)      Reduce Stress and Anxiety

Tax season can no doubt be a trying time.

In addition to regular work, family and social responsibilities, we all have to find time to find financial records and fill out paperwork. It tends to add some stress and anxiety to our already busy lives.

Instead of waiting until the last minute like every other year, be brazen and get a jump start on tax season 2020. It will give you the time you need to get up to speed on tax law changes. And, you will likely be surprised at how much easier tax prep can be when you aren’t operating under the gun.

A desk ready used for tax season 2020 work.

3)      Avoid Costly Penalties

Not surprisingly, many taxpayers don’t even make the April 15 deadline. Those who aren’t granted an extension can be subject to unnecessary tax penalties.

If you don’t file on-time, you may face monthly penalties that could be as high as five percent of the additional tax owed, every month your return is late, up to a maximum of 25 percent. Those who file more than 60 days after the due date may pay a minimum penalty of $135 or 100 percent of the unpaid tax tab, whichever is smaller.

Although four months may seem like a long time, tax season will come and go before you know it. By beginning prep work today, you can make tax season 2020 go much more smoothly.

If you have any questions as you work on individual tax planning and preparation, contact a local accountant for assistance with tax services.

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Topics: Tax Season

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