5 reasons why you should file your taxes ASAP

As we get closer and closer to tax deadlines, now’s the time to ensure your taxes are in order. Although filing your taxes might not be top of mind right now, we’ve looked into the top reasons why filing your taxes now can benefit you and your business.

1) Faster access to your refund

This is the most obvious and beneficial reason to get your taxes filed. If you’re receiving a return, the faster it's filed, the sooner you’ll receive your refund—meaning more money in your pocket when you need it.

In the US, the Internal Revenue Service (IRS) estimates it should take less than 21 days to receive your refund if submitted electronically. For more information on filing your taxes with the IRS, read what to expect with your refund this year.

In Canada, the Canadian Revenue Agency (CRA) issues refunds to online tax filings in as little as eight business days. For more information about filing your taxes with the CRA, read how you can get set up online.

2) Cash flow management

Filing your taxes earlier can help you manage your cash flow. By figuring out your tax liability for 2022, you’ll be able to calculate what the minimum amount of quarterly tax estimate payments are for 2023. It’s important to stay on top of your 2023 quarterly tax estimate obligation as it may be accumulating.

3) Discover issues and tax savings before the deadline

The earlier you prepare your taxes, the more time you’ll have to resolve any bookkeeping issues or find any missing receipts, records, and statements. Having this extra time can go a long way in reducing stress during what can be a very hectic time of year.

4) Avoid spending money that will need to be paid later

Having extra money set aside to pay income taxes between now and the deadline can lead to the illusion of “excess” cash. But don’t forget you’ll need to make your payment sooner than later, and paying now will spare you from not having those funds when you need them.

5) Return your focus to running your business

If you’re able to get your taxes filed sooner than later, take advantage while you can to save yourself stress at year end. Checking this task off your long to-do list will give you more time to run your business, which is more important than ever for entrepreneurs.

Let Wave and H&R Block file your taxes for you

Did you know you can make tax time even easier by importing your Wave accounting data into H&R Block and getting access to a personal tax expert specialized in small business? You can either file online with help when you need it, or hand off your documents entirely and have a tax expert file for you (which is super easy, BTW!) It’s available to all US-based customers, and only takes minutes to set up.

You’ll cut down hours of work, receive personal advice from tax pros, get all the latest info on tax deductions, and much more. Simply log into Wave and click the “Tax Filing” link in the navigation menu to get started.