Archive for January, 2016

The Perks of Filing Your 2015 Michigan Taxes Early

Saved in: Michigan Business, Tax News

It’s commonplace for people to wait until April before they start thinking about filing their taxes. Although many get away with filing taxes on the last minute, there are several benefits that only early tax-filers enjoy. We have enumerated some of the perks below.

 

#1 – You can get your tax refunds faster.

 

The earlier you file your taxes, the sooner you can get your tax refund. This is the most common incentive for filing taxes as early as January.

 

#2 – Buy time to pay taxes you still owe.

 

Filing your tax return early January will buy you extra time to pay for any balances you may still have with the IRS. Filing your Form 1040 this early will give you up until the middle of April to pay for the taxes you still owe.

 

Additional tip: This is good for anyone still waiting to find out how much they owe the IRS in back taxes.

 

#3 – Avoid having to pay fines for tax extensions.

 

Filing your tax refund involves gathering heaps of receipts and other additional documentation. Pushing your tax refund date too close to the deadline will increase the likelihood of you not being able to finish all the paperwork in time. As a consequence, you might have to shell out more money to ask for an extension.

 

Additional tip: If you do end up filing for an extension, be sure that you are able to pay all balances to the IRS on or before the given date for extension. If you still manage to miss this deadline, you will be charged interest on top of other penalties on your outstanding tax balance.

 

#4 – Protection from identity theft. 

 
It helps in improving the quality of the sperms as well as the production of sperm to a greater extent. buy canadian viagra The basic initial sale on line levitra price is Rs five thousand per square feet. Many times it happens that male start’s their sexual activities with proper erection but cannot maintain until the climax. female viagra cheap The oral pills are comparatively cheaper buying viagra prescription that other types of medicines.
There have been numerous cases of identity theft through the tax refund system. When a criminal gets a hold of your Social Security Number (SSN), he or she can use that information to file a tax refund under your name. In return, you will be robbed of your annual tax return amount. This scam happens more frequently at the start of the year because most taxpayers would not have thought about filing their tax refund just yet.

 

Additional tip: Do not give away sensitive information such as your SSN to parties you do not trust or cannot verify the credibility of. Moreover, when you file your tax refund as early as January, you are thwarting any potential theft on your account. 

 

#5 – Gather important documents needed for other applications.

 

The Form 1040 is needed in other important processes such as applying for a student loan and buying a house. Those looking to buy property will need to show their proof of income, which is recorded in the Form 1040. Requesting for financial aid also requires information from this form. The sooner you can file your taxes, the quicker you will be able to complete the requirements needed for your other applications.

 

Additional tip: Make sure to produce several copies of your completed documents so you won’t need to photocopy or scan them on the last minute.

 

#6 – Are you aware of the new rules and regulations regarding health insurance this year?

 

There are new rules in place regarding proving your health insurance coverage this year. Don’t find out at the last minute and scramble for the proper paperwork.  Hazzouri Accounting and Tax Services can advise you early on to avoid any potential disasters.

 

Keep in mind that the deadline for filing federal income tax returns and state income tax returns is on April 18, 2016. This is also the final day to request for extensions.

 

If you are looking for a certified public accountant to assist you in filing your tax refunds or in signing up for an extension contact us today. We offer individual and corporate tax preparation services in Canton, Michigan, as well as in the surrounding areas. Call us for more information at 734-844-1614 today!

 

Visit our social media accounts to stay current with all the latest business and tax news and events: Facebook fan page / Twitter Feed / Google+ Account

Share
January 19th, 2016
Comments Off on The Perks of Filing Your 2015 Michigan Taxes Early

Tags: , , ,