Why Waiting Until April 14th to File Your Taxes Isn’t the Best Idea…

If you’ve ever found yourself staring at your computer on April 14th, frantically searching “how to file taxes in one day,” this post is for you. Let’s talk about why waiting until the last minute isn’t a good idea and how filing early can actually save you money, time, and stress.

Rushing Leads to Costly Mistakes

When you’re in a hurry, details get overlooked. And with taxes, details matter.

Common last-minute tax mistakes:

• Misspelling your name.
• Forgetting a W-2 or 1099.
• Accidentally claiming the wrong deductions.
• Entering the wrong direct deposit information.

The IRS doesn’t take “Oops, I was in a rush” as an excuse. Mistakes can lead to delayed refunds, penalties, or even an audit. Filing early gives you time to double-check everything before you hit ‘submit’.

The IRS Gets Busy (So Do Tax Preparers)

Have you ever had to run to the grocery store the day before Thanksgiving or on Christmas Eve? That’s what tax season feels like on April 14th.

1. IRS processing times slow down when millions of people file all at once.
2. Tax preparers get booked up, so if you need professional help, you might be out of luck.
3. If there’s an issue with your return, fixing it last-minute can be challenging.

Filing early means faster processing and a quicker refund (if you’re due one).

You Might Owe Money

(and You’ll Have No Time to Plan for It)

Nobody wants to owe on their taxes. If you have a hunch that you might though, getting your taxes prepared early will give you time to plan for the payments. 

What happens if you owe but file late?

• The IRS charges a failure-to-file penalty (5% of your unpaid taxes per month).
• You’ll also owe interest on top of that penalty.
• The longer you wait, the more expensive it gets.

Filing early means you’ll know what you owe ahead of time. If you can’t pay right away, you’ll have time to set up a payment plan with the IRS.

Waiting Increases Your Risk of Identity Theft

Tax-related identity theft is real. The longer you wait to file, the more vulnerable you are.

How does tax related identity theft happen?

1. A scammer steals your personal info (often through data breaches or phishing scams).
2. They file a fake tax return in your name before you do.
3. The IRS processes their fake return and sends them YOUR refund.
4. When you finally file, the IRS says, “Wait…you already got your refund.” 
5. And now? You’re stuck dealing with months of IRS paperwork to fix it.

Filing early helps to blocks scammers from filing in your name.

Refunds Are Processed Faster Earlier in the Season

Did you know that the earlier you file, the faster your refund gets processed?

Here’s why:

• The IRS processes early filers first, before the backlog hits.
• Fewer people filing means less competition for IRS attention.
• The closer you get to April, the slower everything moves.

If you’re expecting a refund, filing early gets your money back sooner. If you file electronically and choose direct deposit, you could get your refund in as little as three weeks!

If You Need an Extension, You’ll Have No Time to File It

Let’s say April 14th rolls around, and you realize you can’t finish your return in time.

If you don’t file for an extension, here’s what happens:

1. The IRS charges a late filing penalty, even if you don’t owe money.
2. You lose your chance to buy yourself more time.
3. If you do owe taxes, you’ll get hit with penalties and interest.

If you know you need an extension, file for it early! An extension gives you until October 15th to file, but you still need to estimate and pay any taxes owed by April 15th to avoid penalties.

Last-Minute Tax Software Issues Can Be a Nightmare

Ever tried submitting an important application five minutes before the deadline, only to have the website crash? Tax software gets slammed right before the filing deadline. IRS e-file systems can experience delays when too many people file at once. Filing early avoids server crashes, error messages, and last-minute panic.

Life Happens & April 14th Is a Bad Day for Surprises

Maybe you plan to file on April 14, but then you get sick, or your car breaks down or you forget and suddenly it’s April 15th at 11:55 pm. Taxes are stressful enough without last-minute life chaos. Filing early ensures you’re prepared for the unexpected. Set a personal tax deadline in March to avoid last-minute panic.

Save Future You the Stress & File Early!

Filing your taxes at the last minute is like cramming for an exam the night before. Sure, you might get through it, but it won’t be pretty.

Here’s why early filers win:

1. Fewer mistakes = fewer problems with the IRS.
2. Faster refunds = more money in your pocket, sooner.
3. More time to fix issues = no last-minute stress.
4. Less risk of identity theft = peace of mind.

So do yourself a favor: File early. Your future self will thank you.