The Pros and Cons of Filing Taxes Early

Tax season can be stressful, but working with an experienced tax attorney can make a big difference in your financial planning and peace of mind. At The Law Offices of Jordan F. Wilcox, we assist clients across Utah and Arizona in navigating tax decisions, including the timing of their filing. While some taxpayers wait until the deadline approaches, others prefer to file early. However, is filing early always the best choice?

Let’s explore the pros and cons of filing your taxes early so you can make an informed, strategic decision this season.

Pros of Filing Taxes Early

1. Faster Tax Refunds

One of the biggest benefits of filing early is getting your tax refund sooner. The IRS processes early-filed returns faster since there's typically less backlog at the beginning of tax season. If you're expecting a refund, filing early can quickly put that money in your hands.

2. Reducing the Risk of Tax Identity Theft

Tax-related identity theft occurs when someone fraudulently files a tax return in your name to claim a refund. Filing early minimizes this risk because you file before a scammer can use your information.

3. More Time to Plan for Payments

If you owe taxes instead of receiving a refund, filing early gives you more time to plan your payment. Even if you file early, you won't have to pay until the tax deadline, allowing you to budget accordingly.

4. Reducing Last-Minute Stress

Filing early means you won't be rushing to meet the tax deadline. This reduces stress and allows you to focus on accuracy, minimizing the risk of errors that could trigger an IRS audit.

5. Better Access to Professional Help

If you rely on a tax professional, filing early can ensure you get quality assistance before accountants and tax preparers become overwhelmed with last-minute filers. You'll have more time to ask questions and make informed decisions.

Cons of Filing Taxes Early

1. Missing Important Tax Documents

Filing too early can lead to mistakes if you don't have all the necessary tax documents, such as W-2s, 1099s, or deductions-related paperwork. Filing before receiving all necessary forms could result in an amended return later.

2. Potential for Tax Law Changes

Sometimes, tax laws change at the start of the year. Filing too early could mean missing out on newly introduced tax credits or deductions you would have otherwise qualified for.

3. Less Time to Contribute to Retirement Accounts

Suppose you're self-employed or eligible for certain retirement accounts like an IRA. In that case, filing early may mean finalizing your tax return before making last-minute contributions that could lower your taxable income.

4. Processing Delays for Certain Returns

The IRS sometimes experiences delays in processing early-filed returns, especially if there are tax law changes or system updates. This can slow down refunds for some taxpayers.

Let Our Offices Help You File With Confidence 

Filing your taxes early can bring peace of mind, protect against identity theft, and speed up your refund. But it’s just as important to ensure everything is in order before you file. At The Law Offices of Jordan F. Wilcox, we help clients across Arizona and Utah navigate tax law changes, stay organized, and confidently prepare.

Our team supports you whether you’re ready to file or need expert guidance before the deadline. Contact us today to schedule a consultation and take the first step toward a stress-free tax season!

Tax issues don’t wait—neither should you. Contact Jordan F. Wilcox for a free consultation!