Yahoo Finance Don’t Turn in Your Taxes This Day of the Week
Taxes are due April 15, 2024. So, if you haven’t filed your taxes yet, now’s a good time to get your paperwork together and start thinking about when you’re going to sit down and do it. There’s still well over a month before the deadline, but that time can go by fast.
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If you’re not sure when the best day of the week to file taxes is, or the best ways to optimize your filing, you’re in luck. GOBankingRates spoke with several tax experts to get their thoughts about when to turn in your taxes and when not to. Here’s what they told us.
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Avoid Mondays and Fridays (But Do File Midweek)
Dana Ronald, a seasoned tax professional and CEO of Tax Crisis Institute, suggested filing your taxes on Tuesday, Wednesday or Thursday.
“These days typically circumvent the rush observed as deadlines approach, promoting efficient document handling,” he said. “Conversely, while no day inherently poses significant disadvantages for filing, Mondays and Fridays often witness heightened activity among tax professionals, possibly prolonging processing times.”
On an individual level, Mondays tend to be busier as they’re the start to the typical 9-to-5 workweek. This can add stress to an already busy week for taxpayers who plan to file on their own or using tax software. Fridays can also be tricky as many people are tired after the workweek and are eager to get home or start their weekend.
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Timing Is More Important Than the Day
“There are no specific days of the week that guarantee extra perks when filing your taxes, just as there isn’t a bad day to do so,” said Michael Wallace, tax expert and CEO of Greenback Expat Tax Services. “However, the timing of when you file can have positive or negative effects.”
File too early and you could end up missing an important tax document. File too late and you might miss certain deductions in the rush to get your taxes in on time. Or you might miss the deadline altogether and have to file for an extension or else risk paying a Failure to File penalty of 5% — but no more than 25% — of your unpaid taxes.
File a Few Weeks Early To Give Yourself Wiggle Room
If possible, turn in your taxes a few weeks before the deadline. This can ensure you don’t incur a potentially hefty late penalty, and it gives you additional time if you realize you’ve missed something important.
“It’s recommended that you file your taxes with a buffer in place of a couple of weeks from the official tax deadline on April 15, 2024 (June 17, 2024 for U.S. expats),” said Wallace. “This means allowing extra days in case you’ve forgotten certain paperwork or need more time to organize.”
Filing Early Can Lower the Risk of Scams
Unfortunately, there are a lot of tax-related scams to watch out for. But if you file ahead of time, you can avoid most of these scams.
“Filing early also reduces the risk of falling victim to tax scams that make their way out of the woodwork the further in the tax season we get,” said Wallace. “Identity theft is a fairly common problem, especially when related to tax returns. The best way to avoid someone stealing your identity and your tax refund is to beat them to the punch and file first.”
The IRS will only accept one tax return per Social Security number. So, when you file early, you’re essentially preventing somebody else from filing a return in your name.
File Early To Prevent a Stolen Refund
There are other benefits to filing your taxes early.
“Filing early also reduces the risk of theft of your tax refund (taxes you paid or had withheld),” said Diana Falsetta, a senior tax specialist and associate professor at the University of Miami’s Herbert Business School (Department of Accounting).
“If a fraudulent return is filed in your name and the IRS issues a refund, you will have to go through a lengthy process to resolve the issue and receive your refund,” Falsetta continued. “By filing early, you reduce the likelihood of someone else claiming your refund.”
Filing Early Can Give You Time To Plan for Payment
If you owe taxes this year, filing early could give you the time you need to figure out how you’re going to pay them.
“If you are unable to pay the full amount owed by the deadline, filing early allows you to explore payment options with the IRS, such as setting up a payment plan,” said Falsetta. “This can help you avoid additional penalties and interest.”
You Could Save Money by Filing a Month Early
Not only can filing early give you peace of mind knowing you’re done for this tax season, but it could also save you money.
“For those who are well-prepared, filing as soon as you have all your paperwork in order can save you money,” said Wallace. “Tax software and support is competitive and you will see the price rise the closer you get to the tax deadline when the demand is higher. By filing a month in advance, you can avoid this pricing surge.”
File Soon To Get Your Refund Processed Sooner
The sooner you file your taxes, the sooner the IRS can process it and get you a refund, if owed.
“Filing early can result in faster processing of your tax return and refund,” said Falsetta. “The IRS processes returns on a first-come, first-served basis, so filing early means your return is more likely to be processed sooner, and you’ll receive your refund faster.”
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