February 11, 2011

Carefully Choose When to File Each Income Tax Return

Refunds Early, Payments Later

For each income tax return of your family, choose the most appropriate time to send it.

Thus, if a refund is expected: you should produce the corresponding income tax return as soon as possible. If you anticipate a payment: still prepare your tax return but only send it in a couple days before the deadline. Make sure to avoid late penalties.

All your family’s tax returns don’t have to be filed at the same time. Depending on your situation, maybe Mom’s can be sent in early to get her refund and Dad’s later to make his payment.

Early Tax Return Get Processed Faster

In addition to saving time because you file your tax return early, you’ll also benefit from faster processing time from tax authorities.

Because the workload of people processing tax returns is lighter early on, you’ll even get your money faster if you file in early. 

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