Tax season has officially started, but a lot of people will wait to file because they are afraid they owe money to the IRS. There are, however, a number of reasons you may want to file early this year, including a reduced risk of identity theft and extra time to handle some changes expected during the 2015 tax season.
Affordable Care Act
Last year was the introduction to the Affordable Care Act. This year, there will be additional changes for taxpayers. The most notable is an increase in the Shared Responsibility Payment owed by those without health insurance, which is going from $95 per adult to $325 per adult (or two percent of your income). Another big change is the additional tax form for those that do have insurance – a 1095 A, B, or C that must be presented to your preparer before you can officially file.
Watch for Extra Deductions
If you went through a big change last year, like a move, or a new birth or adoption, remember to watch for those additional tax deductions. Also, go over your returns for last year to ensure you have not been missing a deduction that may save you some money.
Deadline to File Extended
This year’s deadline to file is a little later than usual because Washington D.C. will be celebrating Emancipation Day on April 15th. Do not let the extra few days lull you into waiting longer though; you just might miss out on some of the really big benefits provided to those that file early.
Filing Early Comes with Benefits
Tax fraud, which has become a concern for many, is actually less likely to occur when you file early. This is because, once you have filed, it is impossible for anyone else to file against your social security number without the proper information and identification. This saves you both time and stress, and it protects you from fraud.
Another big benefit is that, if you do owe money to the IRS, you actually have time to figure out a game plan. After all, the debt is due the same day, regardless of when you file. If, on the other hand, you are due a return, you will get it sooner if you file early.
Owe Back Taxes? Handle it Now
Just as it is less stressful to file your taxes early and have more time to plan, it is easier to deal with any back taxes before they become a big problem. Take advantage of what little time you have now by contacting the Law Offices of Eric Zelazny. As an experienced Cook County IRS tax attorney and CPA, Attorney Eric Zelazny can provide you with personalized experience and the in-depth knowledge needed to assist you in reaching a favorable settlement with the IRS. Call 708-888-2299 today and schedule your free initial consultation to learn more.