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With the approaching tax deadline, the IRS has advised taxpayers to file their returns as soon as possible to avoid missing out on tax credits that have reverted to pre-pandemic levels. Changes to the child tax credit, earned income tax credit, and child and dependent care credit could lead to taxpayers receiving smaller refunds than in previous years, making it essential to file early to explore different tax credit options.
Early filing enables taxpayers to explore different tax credits, such as education and solar credits, which can help reduce taxable income and increase refunds.
Benefits of Filing Early
Filing early allows taxpayers to investigate various tax credit options, including education credits under the 1098-T form and solar credits under the 5695 form. These credits could be beneficial for taxpayers who want to reduce their taxable income and receive higher refunds.
According to Gregg Porcaro, a CPA in Warwick, taxpayers should not wait until the last minute to file their returns, as they may not have sufficient time to consider these options.
Porcaro suggested that taxpayers should look at the big picture and file their returns early to avoid missing out on these credits.
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The Importance of Filing Early
The IRS deadline for filing taxes is April 18th, and taxpayers are encouraged to take advantage of this time to file their returns early. According to WPRI’s report, filing early will help taxpayers avoid last-minute stress and ensure they receive any refunds owed to them.
The IRS has been experiencing significant delays due to the pandemic, with millions of tax returns still unprocessed. Taxpayers who file their returns early have a better chance of avoiding such delays and receiving their refunds in a timely manner.
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