With the start of the income tax season, many taxpayers are rushing to file their returns as soon as possible. However, doing so during the first 15 days may not be the best idea. Below, we explain why it is advisable to wait a little longer before confirming your draft or filing your return.
1. Data may not be up to date
During the first days of the campaign, the Tax Agency may still be receiving information from companies, banks, insurers and other entities. This means that the tax data appearing in the draft may be incomplete or contain errors that directly affect the result of your tax return.
2. Risk of incorrect returns or penalties
If you file your income tax return with incomplete data, you could receive a higher or lower refund than you are actually entitled to. In case of errors, you may have to file a supplementary return at a later date or even face a penalty if the Tax Agency detects a major omission.
3. Problems with tax deductions and benefits
Many regional or state deductions, such as for rent, donations or maternity, may not be reflected correctly at the beginning. Waiting a few weeks allows the system to update this information and ensure you take advantage of all the tax benefits to which you are entitled.
4. You avoid mistakes due to haste
The desire to finish as soon as possible can lead to unintentional errors. Taking a little extra time allows you to calmly review all the information, ask questions and make sure everything is correct before filing your return.
Conclusion
Although it may seem tempting to be among the first to file your income tax return, waiting a few days can help you avoid mistakes, take advantage of deductions and receive a fairer return. Patience, in this case, can save you money and trouble.
