Tax filing season is almost here, but chances are you are not looking forward to this tedious and time-consuming task. Many taxpayers put off filing until the last minute. But if you have been procrastinating, it may be time to change your ways. There are some great reasons to put this annual task behind you, including the 10 reasons shown below.

  1. More time to spend (or save) your refund – If you are expecting a refund, filing early means a faster turnaround, so you can start enjoying the money right away.
  1. Advance notice of any withholding issues – If your tax refund is less than expected, or you owe money, your employer may not be withholding enough tax. The earlier you file, the sooner you will know, so you can make adjustments for the coming year.
  1. Extra time to pay what you owe – When you file early, you can determine exactly how much you owe the CRA, and you will have until April 30 to pay the tab.
  1. Less chance of tax filing fraud – The filing of fake tax returns can be an issue. The earlier you file, the less chance you will fall victim to this scam.
  1. Better access to filing help – Tax filing season is crunch time for the volunteers who help seniors and low income workers prepare their taxes, and filing early could mean greater access to those valuable resources.
  1. Simpler filing – When your return is filed electronically using tax preparation software, the information can be seamlessly transferred to the CRA. That means a faster state refund and less hassle for you.
  1. Faster debt repayment – If you plan to use your tax refund to pay down debt, every day you wait could mean higher interest payments. Filing early will mean a faster refund, so you can get a jump start on your debt repayment.
  1. More time to deal with unforeseen issues – You never know when a transposed interest figure of mistyped Social Security number will torpedo your return, but the faster you file the more time you will have to correct those innocent mistakes.
  1. The chance to research payment options – Filing taxes is not always cheap, but filing early will give you a chance to seek out the best deal. The earlier you get started, the sooner you can score a bargain on tax preparation software or in-person assistance.
  1. Peace of mind – Once your taxes are filed, you will have one less thing to worry about, so you can get on with your life and forget about the CRA for another year.

Filing taxes may not be fun, but it is a necessary part of life for most people. Whether you are expecting a hefty refund this year or dreading writing a check to the CRA, there are some compelling reasons to file early. The 10 advantages outlined above are certainly important, so why not put this unpleasant task behind you for another year?

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