Why filing your taxes today makes dollars and sense

and Steve J. Livingstone
Tuesday, January 30, 2018 03:54PM
Nina Pineda reports on the benefits of filing your taxes early.


NEW YORK - Today is tax day. Sort of. Monday, January 29th is the first day we can file our taxes. But when people think of tax day you probably think mid April. This year, we get a couple extra days, the filing deadline is Tuesday, April 17th. That's 78 days from now.

But there are a few big reasons you should start filing your taxes today. For one, procrastinating doesn't pay. According to the IRS, an estimated 80 percent of tax filers are getting a refund this year. That's eight out of 10 people. Wow!

And last year, the average refund was $2,763. Think of what you could do with that money. That could pay off a credit card bill, a car or mortgage payment. You could spend it, save it or invest it. The longer you wait to get your refund, the longer you're giving the government what amounts to a zero interest loan.

In addition to getting your money sooner, according to MagnifyMoney.com, it can also help you stop tax fraud before it starts. The earlier you file means the less time a scammer will have to file for your refund check. And take it from us, if you're scammed, it'll take additional months to finally get your refund.

If you wind up owing on your taxes, preparing your taxes early also makes sense. Remember, you don't have to pay till the tax deadline, April 17th. But the earlier you know you owe gives you more time to start saving now to pay it off in April.

And, as we get closer to the deadline, remember, if you get a call or an email from someone who says they're from the IRS saying you owe back taxes it's a scam. The IRS will never email you or phone you, they do business by mail.

----------
SHARE YOUR STORY

Do you have an issue with a company that you haven't been able to resolve? If so, 7 On Your Side wants to help you!

Send us your questions, issues, and story ideas to Nina by filling out the form above, by emailing 7OnYourSideNina@abc.com, or contact Nina on her Facebook page or tweet her at Twitter @7OnYourSideNY! You can also call the 7 On Your Side Hotline at 917-260-7697.

If using the app, click here to send us a news tip
(Copyright ©2018 WABC-TV. All Rights Reserved.)
Outbrain