Most of the taxpayers in the country wait for the last minute to file their income tax returns. This tendency is not new or uncommon, although filing it early has some benefits for sure. Filing your taxes earlier than the deadline can get you different benefits. You get your refunds quickly and you can return your changes faster.
However, even filing for a nil return is easy and you will not need to pay a fine. If you are wondering how, then iTax KRA is your answer, where all you need is a KRA pin and iTax account.
In this post, you will read about the top three reasons to file your taxes early:
Don’t You Want To Have Quicker Tax Refunds?
Most of the people who file their tax at the eleventh hour do not know about this benefit. Filing earlier can get you quicker tax refunds, which is something that you would like to have. You can even get your refund faster if you file your return electronically. In that case, you will need to do that into your bank account by directly depositing. Paper returns are slower and can take around several weeks to process it.
Give Yourself The Time To Prepare What You Owe
Choosing to file the tax at the last moment can be a bad idea because you will have the least time to prepare. Tax bills do not come as a surprise to you and even if it does, make sure that you have enough time to manage and pay it within time.
Also, once you miss catching the deadline, you will start to see a wave of interest and associated fees. The best thing is to file it beforehand so that you can have time in your hands to prepare the payment.
Tax Extensions Are The Last Thing You Want
Filing your tax returns before the deadlines can save you from a tax extension. Tax extensions are more of a result of disorganization rather than financial need. If you are waiting for the last moments thinking you will get some extra discounts, you are mostly wrong. Things can go complicated and you might even need to hire tax professionals.
So, these were the three reasons to file tax beforehand. If you have almost no income for the last twelve months, you can file a nil return. You can do that through iTax because in that way you can get saved from penalties.