The early bird gets the tax worm.

Strategy: File your 2024 tax return sooner rather than later. The earlier you file, the faster you can put money in your pocket if you’re due a refund. But that’s not the only reason for being an early bird. There are other plusses to consider.

Here’s the whole story: Traditionally, early filers get larger refunds than late filers. Part of the reason may be due to the fact you’re likely to file early if you know you’re in line for a big refund. But there’s more. • If you give yourself enough time, you can go through your records to make sure you’re claiming all the tax deductions you’re entitled to. It is especially important to determine if you’ll be itemizing deductions or claiming the standard deduction. • Filing early doesn’t eliminate ID theft, but it helps. If someone steals your Social Security number and files a return under your name, the IRS’s computers will flag it if you’ve already filed. Conversely, if an ID thief beats you to it, it can take months to unravel the mess. But don’t rush things unnecessarily— there are valuable tax dollars at stake. • You can alleviate stress knowing that your tax return is wrapped up early. On the other hand, procrastinators may start tearing their hair out should things go down to the wire. The peace of mind is worth it if you’re diligent enough to get your return done early. • This gives you a head-start on financial planning for the year—instead of wondering how much of a refund you’ll get or whether you’ll have to pay more to Uncle Sam, you can adjust your plans accordingly. • Finally, if you’ll be relying on a tax pro to do your return, there’s less competition for the best preparers early in the tax-filing season. Come April, the one you want may not be available or will be hard-pressed to provide the in-depth advice you’re looking for.

Tip: If you can’t file early, you might obtain an automatic six-month filing extension.

IRS Tax Filing Information: IRS.gov - Filing Your Taxes A comprehensive resource from the IRS with official information about filing taxes.

Tax Refund Facts: TurboTax - Tax Refund: Facts and FAQs This article discusses various aspects of tax refunds, including how and when you receive them.

Tax Deductions and Credits: Investopedia - Tax Deductions vs. Tax Credits An informative piece explaining the difference between tax deductions and tax credits and how to maximize them.

How to Protect Against Tax Identity Theft: FTC - Tax-Related Identity Theft Guidelines from the Federal Trade Commission on preventing and addressing tax-related identity theft.

Early Tax Filing Benefits: H&R Block - Benefits of Starting Your Taxes Early An article detailing the advantages of filing taxes early similar to those mentioned in your article.

Financial Planning After Filing Taxes: NerdWallet - Post-Tax Season Financial Planning Tips on how to adjust your financial plans after filing your taxes.

Choosing a Tax Professional: American Institute of CPAs - Choosing a Tax Preparer Advice from a reputable accounting organization on how to choose a tax preparer.