Benefit of filing tax return early

At Tax Link we can help you prepare and file your tax return early which have numerous benefits, making it a smart move for both individuals and businesses.
benefit of early tax returns

Filing your tax return early can lead to faster refunds, reduced stress, better financial planning etc

Here are several reasons to consider:

1). Faster Refunds:

  • Quick Processing: Filing early typically means your return will be processed sooner, leading to a quicker refund if you are owed one.
  • Direct Deposit: Choosing direct debit can further speed up the receipt of your refund. 

2). Avoiding the Last-Minute Rush:

  • Less Stress: Early filing reduces the stress and pressure of meeting the tax deadline.
  • More Time for Accurate Filing: Preparing early allows you to review your return carefully, reducing the risk of errors.

3). Extra Time to Pay:

Extended Payment Period: Even if you owe taxes, preparing early gives you more time to plan and save for your payment, as the tax payment deadline remains the same.

4). Access to Professional Help:

Availability of Accountants: Tax professionals are less busy early in the tax season, making it easier to secure their help and advice.

Comprehensive Assistance: Early filing allows you to take full advantage of an accountant’s services, including tax planning and strategic advice.

5). Avoiding Penalties:

Timely Filing: Preparing and Filing early ensures you avoid late-filing penalties and interest charges, which can add up if you miss the deadline.

6) Time for Corrections:

Addressing Issues: If there are any issues or discrepancies with your tax return, preparing early gives you ample time to resolve them without the pressure of an imminent deadline.

Amendments: Early filing allows more time to file amendments if you discover errors after submitting your return.

7). Better Financial Planning:

Budgeting: Knowing your tax liability or refund amount early helps with financial planning and budgeting for the rest of the year.

Investment Decisions: Early filing can inform your investment and spending decisions based on your tax situation.

Tailored Advice: We can provide personalised advice on deductions you might not be aware of, potentially lowering your tax liability. For Eg: Contribution towards a pension plan to reduce your liability.

Contact us to book a initial consultation about your 2023 return

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