Avoid Turning in Your Taxes on This Specific Day of the Week

Taxes are due on April 15, 2024, and it is essential to file your taxes early in order to prevent any potential scams and to guarantee that your documents are handled efficiently. 

The submission of tax returns on Tuesday, Wednesday, or Thursday is recommended by tax professionals since these days avoid the pressure that is typically seen as the deadlines get near, which in turn promotes efficient document handling.

On the other hand, Mondays and Fridays often see a surge in activity among tax experts, which may result in longer processing times.

When it comes to paying taxes, timing is more crucial than the day itself since it can have impacts that are either beneficial or bad. If you submit your taxes too early, you run the risk of missing a key tax document. If you file your taxes too late, when you are in a rush to get your taxes in on time, you run the risk of losing certain deductions. 

You also run the danger of missing the deadline completely, in which case you will be required to submit a request for an extension. If you do not do so, you will be subject to a Failure to File penalty equal to five percent of your unpaid taxes, but no more than twenty-five percent.

One way to give yourself some move space is to file your taxes a few weeks early. This will allow you to avoid a potentially large late penalty and will also provide you with more time in the event that you find you have overlooked something vital. 

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Early Tax Filing

avoid-turning-your-taxes-this-specific-day-week
Taxes are due on April 15, 2024, and it is essential to file your taxes early in order to prevent any potential scams and to guarantee that your documents are handled efficiently.

A couple of weeks before the formal tax deadline, which is April 15, 2024 (June 17, 2024 for US expats), it is advised that you file your taxes with a buffer in lieu of a couple of weeks.

Due to the fact that the IRS will only accept one tax return for each Social Security number, filing your taxes early might also reduce your chance of falling prey to tax frauds. 

If a fake return is submitted in your name and the Internal Revenue Service provides a refund, you will have to go through a lengthy procedure to fix the issue and collect your refund. Filing your taxes early also decreases the danger of theft of your tax refund, which refers to taxes that you paid or had withheld.

In case you are unable to pay the total amount that is required by the deadline, filing early gives you the opportunity to discuss payment options with the Internal Revenue Service (IRS), such as establishing a payment plan. This might provide you with the opportunity to prepare for payment. By doing so, you may be able to avoid incurring further fines and interest.

Because tax software and assistance are profitable, doing your taxes one month early will help you save money. Prices may increase closer to the deadline for filing your taxes because there is a stronger demand for them. When you file your return early, it increases the likelihood that it will be processed sooner, which means that you will receive your refund more quickly.

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