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Why You Should File 1040s ASAP

April 02, 2020

If you are able to, it’s wise to get your tax filing done sooner rather than later. Benefits include faster refunds, faster stimulus checks and more.

*Editor's Note: This blog has been updated as of April 3, 2020.

With the filing deadline being pushed to July 15 due to the coronavirus outbreak, you may be wondering…is there a benefit to filing earlier rather than later? Yes! We dive in below.

Benefits of getting filing done early

  • Get refund claims filed now to speed up the receipt of the refund
  • If your income in 2018 was higher than the earning threshold to qualify for the stimulus check, but you expect 2019 income to be lower, file now to potentially qualify for the check now. Otherwise, you may have to wait until you file your 2020 return to see any benefit from a stimulus check.
  • If you expect to owe, prepare returns now to plan for your cash flow needs. Returns can be filed now, but payments are not due until July 15.
  • 2nd quarter estimates are still due on 6/15. Your tax advisor needs to know 2019 numbers in order to determine your June 15th payment. Massachusetts DOR has announced they will be extending this deadline to 7/15; federal deadline remains 6/15.
  • If you are applying for loans, your 2019 returns may be needed.

We understand that navigating through all of the latest information available to you and your business may be overwhelming. We want you to know that KLR advisors are available to assist you during this truly unprecedented crisis. We have a completely remote workforce and our team is always available. We’re here to help.

Questions on your situation? We’re here to help; and don’t forget to check out our Coronavirus Resource Center.

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