The deadline for filing federal income tax returns in 2020 is April 15. However, Boston taxpayers do not have to wait that long to file. In fact, getting their tax returns to the IRS early could provide them with some benefits.
The most obvious benefit of filing early is that taxpayers receiving refunds would get them earlier. Many Boston residents earmark their refunds to pay off holiday bills, catch up on other financial obligations, or pay for a vacation or some other luxury they would not necessarily be able to afford any other way. Other people need that money in order to catch up or stock up on essentials for the remainder of the year. For instance, some may use their refunds in order to purchase household products and/or groceries their budget does not allow for throughout the year.
People who owe taxes will have more time to save up to pay them prior to the filing deadline instead of waiting until the last minute. Another benefit of filing early is the high probability of avoiding tax fraud. Fraudsters will capture personal information such as Social Security numbers through hacks and file false tax returns and collecting the refunds for themselves.
Most people will have no choice but to deal with the IRS at tax time, even if it is just to file their returns. Those who get it over with as soon as possible can take this task off their to-do lists. This way, they can move forward with the rest of their year and not think about their taxes again until the following years. For those with complex tax situations, starting early could help avoid any last minute complications.