No one wants to think about their tax returns any earlier than they need to. If you gather your tax information early, as it comes in, and organize it before it is needed, you can make the tax preparation process easier.
There are many benefits to gathering your information early -
It gives you more time to track down missing information.
If you have a refund coming, the earlier you file, the shorter the turnaround time to receiving your refund.
If you owe money this gives you more time to gather the funds you may need to pay your taxes. Even if you file the tax return early, the money you owe is not due until the due date of the return, April 15, 2024.
Do yourself a favor and set aside your tax information as it becomes available in a way that works for you and keeps you organized. If there is information you need to gather such as business expenses or donation receipts gather them now rather than waiting until you need them.
Assemble and organize your tax information early to give yourself more options and less stress.
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