WHY SHOULD YOU FILE YOUR TAXES EVERY YEAR?


Most of the people wait until towards the end of season to file their taxes. It is a fine practice until you do it regularly without missing. However, the earlier you file your taxes, the better. There are around 10 million citizens each year who end up paying tax penalties. Therefore, it will save you from tax penalties if you file and pay your taxes on time every year.
Now, gone are those days when filing your taxes was a difficult and tiresome job. The government has launched several new initiatives which have made it easier to get through tax filing.
In this post, we are going to discuss some of the reasons as to why you should file and pay your taxes every year, and that too at the earliest. Read the complete post to know about these!
1.       To speed up the process of filing taxes
It is recommended that you do not wait to file your taxes towards the end of the deadline. If you do so, it delays the processing and in turn, leads to the slowing down of the entire process. Also, while you file your taxes towards the end, you risk the submission while the servers are under heavy load. This further slows down the process. Therefore, for faster processing of tax returns, you should file at the earliest.
2.       For proper documentation
Although the complexities of filing taxes have reduced, it is yet not perfect. The entire process can still be overwhelming. So to figure out the entire process, it is recommended that you start at the earliest.
3.       To get your return faster
There are not many people who file their taxes early. So, there won’t be too many returns for the IRS staff to go through. Thus, you can get your returns earlier and faster.
4.       Additional time to plan your taxes
It must be noted that even though you can file your taxes early, you have the liberty to pay until the deadline. Since you file early you get additional or extra time to plan your taxes better.
5.       It helps you to avoid extensions
There are certain cases when there are legitimate reasons to request an extension for your taxes. If you file early, you can avoid opting for extensions and slowing down the return process.
6.       It helps you get help in a better way
There is much chance that the reputed tax agents will be booked towards the end of the deadline. Therefore, if you need help with filing your taxes, you would get better help if you do it early.
7.       It gives you enough time to clear things up
This is one of the most important benefits of filing your taxes early. If something goes is wrong with your taxes, filing early will give you a sufficient amount of time to clear up those things.

RNS Associates is one of the best Taxation Consultancy in Dehradun. Our CA in Dehradun will be happy to help you out with filing your tax returns. Contact RNS Associates, now!
Location: India

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