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5 Reasons to file a tax return now

Jackson Hewitt recently pulished it's top 5 reasons to file your tax return now.

1. It’s Your Money – Get It Back: Although the economy appears to have shown signs of improvement, many Americans continue to struggle. Since three out of four taxpayers will receive a refund from Uncle Sam, filing now means getting those much needed dollars sooner

2. Discourage Identity Theft: Once your tax return has been filed, your Social Security number can’t be reused to file a return, thereby discouraging identity theft. With identity theft on the rise, it makes sense to try to avoid becoming part of a growing problem. In fact, the IRS protected more than $1.4 billion of taxpayer funds from getting into the wrong hands due to identity theft in 2011

3. It’s Easy: For many taxpayers who choose to work with a paid tax preparer, the process is not time consuming. A taxpayer with a relatively simple return, and with good records in hand, can plan on spending about an hour with a preparer to check off this annual responsibility

4. No Delays:Despite some earlier processing issues at the IRS, all systems are movingsmoothly now, with refunds being processed within the historical range of 10 to 21 days

5. Avoid the Last Minute Crunch:Every year, thousands of taxpayers wait until the last minute to file. Making an appointment now ensures that you have the chance to meet with a neighborhood preparer at a time that is convenient for you, and removes the need to sit in a crowded lobby or stand in a long line on April 17.

Tom Taylor, CPA is a fee-only, independent Financial Planner and Certified Public Accountant and can be contacted at Chesapeake Financial Advisors or Taylor & Company in Towson, MD. Tom believes that the greatest benefit of planning includes incorporating tax strategies with financial planning. Tom’s clients receive both services in one advisor. He is a member of NAPFA and the MACPA and AICPA.

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