When Is the Best Time to File a Tax Return?
Jeffrey Levine of Buckingham Wealth Partners, aka “The Buckinghammer” explains when is the best time to file an individual income tax return.
Key Takeaways
- File your tax return as soon as you have all accurate information—filing early gets you refunds faster and protects you from identity theft, since only one return per Social Security number is accepted by the IRS
- The penalty for not filing a return is up to 10 times more severe than the penalty for not paying taxes owed, so file on time or request an extension even if you can't pay immediately
- Don't delay filing because you owe money—you can set up a payment plan with the IRS, and filing protects you from the much larger non-filing penalty
- File an extension automatically (extends deadline to October 15th) if you're cutting it close to April 15th, and you can still file earlier if you complete your taxes before then
- Even if you're below the standard deduction and don't have to file, consider filing anyway to document earnings for Social Security, support IRA contributions, or reclaim withheld taxes from your paycheck
When Is the Best Time to File a Tax Return? Jeffrey Levine of Buckingham Wealth Partners, aka “The Buckinghammer” explains when is the best time to file an individual income tax return. Watch more episodes of Ask The Hammer at this link: https://www.finstream.tv/videos/ask-the-hammer/
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