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Tax Tip Tuesday: To File Early or Not, That is the Question!

By Edward “Ed” V. O’Neal, Vice President and Manager, Retirement Plans

Once again, it’s that time of year when we all have to start preparing for tax season.  Tax season can often cause angst and evoke a number of concerns from taxpayers, with one common question being the pros and cons of filing taxes early.  Unfortunately, there is no clear “right” answer to this question, with every taxpayer having a unique tax circumstance.  In general, filing early works best for individuals anticipating a refund.  But additionally, filing early could be beneficial for:

Conversely, delaying your tax filings could make sense for:

Lastly, 2018 will be the first full tax year for the changes created through the Tax Cuts and Jobs Act (TCJA); which included major changes to both standard and itemized deductions.  Given all the changes, remember to consult with your tax advisor in weighing all the advantages and disadvantages of filing early and how they relate to your filing situation.