What are the benefits of filing taxes early?

Filing taxes early brings several benefits to taxpayers in South Carolina. For starters, filing early allows people to get a quicker refund if they are owed one. Filing as soon as possible will also help people to avoid filing late fees and penalties for filing after the due date. Additionally, early filers can use the Internal Revenue Service’s (IRS) direct deposit option to get their refund faster. With direct deposit, a refund can be in the filer’s bank account in as little as 10 days. Filing taxes early can also help taxpayers to get their deductions and credits faster. For example, if a taxpayer is owed the Earned Income Tax Credit (EITC) or the Child Tax Credit, they will be able to receive those deductions more quickly. Further, filing early can help taxpayers to reduce the risks of identity theft. By filing their taxes as soon as possible, they will be able to reduce the chances of someone filing a false return using their Social Security number. Taxpayers can also use the IRS’s free electronic filing tool to help them quickly and easily file their taxes from the comfort of their own homes. All in all, filing taxes early provides several advantages, including faster refunds, fewer filing penalties, and the ability to verify eligible deductions and credits more quickly.

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What are the benefits of filing taxes early?

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