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Plano TX - Why You Shouldn't Put Off Filing Your Taxes
With the filing deadline moving from the traditional date of April 15th to July 15th because of the coronavirus pandemic, it can be tempting to put off filing your taxes for as long as possible.
Most taxpayers dread the tedious task of compiling their financial records, tax documents and filing their taxes. Unfortunately, the longer you procrastinate doing your taxes, the greater the chances that something will go wrong.
And if you owe money to the IRS, the more penalties and interest you’ll have to pay. Often, it’s a better idea to file your taxes sooner rather than later.
Here’s why.
 
TAX IDENTITY THEFT
Tax return fraud is one of the most common and fastest growing forms of identity theft. Basically, an identity thief steals your employment information and Social Security number - and files a fraudulent tax return on your behalf. Then, they steal your refund, or worse, put you in a hole owing back taxes you might not actually owe.
Unfortunately once the IRS sends your tax refund out, it’s nearly impossible to get the money back without knowing the law and regulations. One way to avoid falling victim to tax fraud is to file your taxes as early as possible. That way, you reduce ... more

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