Why You Shouldn’t Wait to File your Taxes on May 17?

If you’re in line for a stimulus payment, here’s why you shouldn’t wait to file your taxes on May 17:

As we informed our readers in a previous blog, the IRS announced in March that it was extending the tax deadline from April 15 to May 17. The additional month (32 extra days to be precise) is providing taxpayers with more time to file their taxes; howvever, here are the reasons why you may not want to wait:

• Filing early helps prevent identity theft – the quicker you file your return with the IRS, the less time a criminal has to file a fake tax return in your name..
• Filing early enables you to maximize your tax-deductible expenses – the longer you wait to file, the harder it is to remember which tax-deductible expenses you had throughout the year.
• Filing early gives you quicker access to your refund – For people who file electronically and elect to have their refund direct-deposited into their bank account, most refunds are being issued within 21 days, according to the IRS.

At this point, the May 17 deadline applies to individuals (and couples), including those who pay self-employment tax and file a 1040 and 1040-SR, the IRS said.

Again, just because you have more time to file your taxes doesn’t mean you should necessarily take advantage of the later deadline. Schedule a consultation with your tax experts now.

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