Minnesotans Should File Taxes Early- Here’s Why
It's tax time. And it's actually been pushed off until the 12th of this month. A bit later than usual. Generally you can file your taxes as soon as you get your W2. That could be any time in January. This year, we continue with the weirdness that has been going on since last March.
- First, if you are getting a refund, it will increase your chances of getting that refund a bit faster.
- If you owe on your taxes, you find out that amount a bit earlier, so you can try and budget for that instead of suddenly having to send a check in because the tax deadline is basically when you waited to file.
- If you are still waiting for that stimulus check, you can get that faster as well by receiving it as a refund. And no, the stimulus will not reduce the amount of your refund.
- Less chance of identity theft.
- Whether you file and receive your refund by direct deposit (recommended) or by mail- you will receive your refund faster because less of a mail delay simply because you filed earlier.
Also, keep in mind that the IRS hasn't moved back the deadline for filing your taxes. The deadline is still April 15th. Also, if you do have some sort of a side hustle or freelance work that you did in order to make some extra money, you are supposed to get a 1099 by January 31st, just like a W2. But, as we know, that doesn't always happen. But it doesn't matter. You still need to file by April 15. Doesn't seem quite fair, but that's the IRS.
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