Prepare Your Tax Return Early

It’s been said that “Nothing makes a person more modest about their income than to fill out a tax form.” If you dread preparing your taxes, maybe you need a little incentive to get ‘em done early.

Did you know there are benefits to early preparation of your tax returns?

Starting to work on them early gives you time to gather all your paperwork, claim your deductions, and prepare for the amount you owe by April. If you expect a refund, then filing early allows to you put that money to use in paying down debt, adding to savings or investing.

Early filing prevents criminals from using your Social Security number to file a fraudulent return and get your refund. If they file before you, yours will be kicked back. Since scammers work early in tax season, work hard to submit your paperwork sooner! And, by all means, protect your Social Security number!

If you have college students, early tax prep gives you the paperwork needed to file your FAFSA – the Free Application for Federal Student Aid. FAFSA is required to determine eligibility for grants, work-study and potential scholarships.

A completed tax return is needed if you plan to buy a house this year. Filing the return early provides some of the necessary paperwork to begin the process.

Finally, early preparation forces you to get organized. You have to gather your paperwork and spend time filling out the form. This could help you avoid filing an extension which often results in penalties and interest until the balance is paid.

Plus, it lessens the need for a professional to help you complete the return on time. But if it’s too complicated, by all means, hire an expert!

Jesus said, “Render to Caesar the things that are Caesar’s, and to God the things that are God’s.” Let’s  be forthright in our filing and orderly in our preparation for next year.

If you need encouragement, wise counsel or simply prayer regarding your finances, we are standing by during office hours. Call the Crown Help Line at 800 722-1976 or visit Crown.org