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Now that a brand-new year is in progress, it’s time to think about taxes. You can submit your taxes starting January 31, 2014, and perhaps you must think about filing as very early as possible.

Yahoo! Finance has a couple of good needs to consider filing your taxes as early as you can:

  • Get your money faster: If you’re anticipating a refund, the earlier you file, the faster you’ll get your money. Even if you don’t think you’ll get a refund, it still makes sense to file earlier in some cases.
  • Financial aid: If you’ve a youngster in college, getting the maximum amount of financial aid hinges on getting your types in early. The faster you do the taxes, the earlier you can send out in the FAFSA application.
  • Dependent claims: If you and your ex cannot choose who gets to declare the children, and it’s spelled out for you in the decree, you might be able to win by being the first one to file the return, according to Yahoo! Finance.
  • Avoid identity theft: Among the growing problems with tax fraud is a scammer asserting a refund with your name and Social Security number. By the time you submit, it’s a mess. File early, and you cut your chances of an identification scammer beating you to it.
  • Catch mistakes: Finally, the short article mentions that you can capture potential errors, considering that you’ve time to evaluate your return before you in fact file it. When you can take even more time, you’re less likely to make errors that result in audits.

Of course, you don’t wish to submit early just to file early. Think about whether it makes good sense for you. If you’re waiting on forms and various other paperwork, you need to wait. It’s better to wait than to need to modify your form later on.