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Why It's Imperative You File Your Taxes Now, Not Later

Career

While taxpayers have until April 17 of this year to file their federal income tax returns, it isn’t in their best interest to wait to do so. Despite, if you are expecting a refund or will owe a balance, filing early is always better than filing later. While many Americans rush to file in April, there are many benefits and reasons why you shouldn’t wait till the last minute.


Here’s why “The early bird catches the worm” applies to filing your taxes as well.

You’ll Receive A Faster Tax Refund - And Maybe Even A Bigger One

One of the biggest reasons to file early is you will receive a faster tax refund. As soon as you receive your W-2 and you check it over for mistakes, you can file your return. The IRS issues about 90 percent of refunds in less than 21 days, an even faster way to receive your refund is to e-file and have the money deposited directly into your bank account. Early filers also tend to get larger refunds. This is attributed to the fact that those who get a head start on their taxes have more time to be thorough that they claimed all the deductions that they are eligible for. Most taxpayers cut corners by claiming standard deduction instead of itemizing their deductions. It may take having some patience and require more documentation, but in the long-run, it could result in a larger tax-refund check.

Not Filing Early Can Leave You Exposed

Identity theft has increased over the past few years, especially due to the breaches such as the Equifax Data Breach of 2017. While filing your returns early does not mean eliminating identity theft completely, it can help protect your refund and potentially catch those who have stolen your information. Refund theft happens when scammers use your social security number to receive your refund. The IRS will then have you marked as being paid. Subsequently, when you go to file the real refund, the IRS will reject your return, and it may take months for the issue to be resolved. Filing your taxes early can help deter identity theft.

You Have More Time to Financially Prepare In Case You Owe

If you expect to owe on your taxes, filing early will allow you more time to allocate funds to pay the IRS. Last minute filers may have to greatly tighten their budget, dip into savings, or even their emergency fund to pay what they owe which can negatively affect their financial stability. If you owe a decent amount of money, budgeting ahead of time can make all of the difference because your tax bill can collect interest and penalties if you are charged for a late payment.

Less Stress

The longer you wait, the more of a rush it becomes to submit your return and this can create unnecessary stress. Being in a hurry can lead you to make mistakes or forget to claim some of your deductions which may put a strain on you financially. Getting your taxes filed sooner means getting it out of the way and not having to stress over it. Additionally, the closer it gets to the tax deadline, the busier accountants get. Unfortunately, taxpayers learn the hard-way to set up their appointments early because they end up having to file for an extension or need to pay more money to be squeezed into the tax professional’s busy schedule.

Photo Courtesy of MoneyManagement

Don’t drag your feet when it comes to filing your taxes! As soon as you have all the necessary information and financial documentation, it’s in your best interest to move the process along as quickly as possible.

3 Min Read
Finance

When There's Room To Fly, Women Soar: Why We Should Invest In Women Entrepreneurs

I think we can all agree that we are living in unprecedented times, and many of us are experiencing challenges in both our personal and professional lives. But it is important to remember that often, challenging moments present opportunities for change. Right now, companies and individuals are using this time to rethink how they conduct their business, the resources critical to their success, and how they go about their daily activities. And what we are seeing is that more and more people, especially women, are taking control of their lives by starting their own businesses.

While it is estimated that the number of women-owned businesses is one-quarter to one-third of all enterprises worldwide, there are still many women who aspire to make entrepreneurship a reality. A new Herbalife Nutrition survey conducted by OnePoll of 9,000 women across 15 countries, including 2,000 women in the U.S., found that globally, 72% of women want to open their own business. Of those, 50% don't yet have a business and 22% have one but would like to open another.

Women want to have more control over their future, but they are committed to helping future generations by being a role model for younger women; 80% believe this is a strong motivating factor.

The second annual survey, which explores women and entrepreneurship globally, revealed the overwhelming challenges women experience in the traditional workplace compared to their male colleagues. In fact, more than 60% of women said they would like to start a business due to unfair treatment in previous job roles. Of the women surveyed, 7 in 10 believe that women must work harder to have the same opportunities as men in the workforce. Results also revealed that 43% of women have delayed having children because they thought it would negatively affect their career, and 25% said they had faced pregnancy discrimination. 42% believe they've been unfairly overlooked for a raise or promotion because of their gender — and of those, the average respondents had it happen three separate times. These are a few of the challenges that have been a catalyst for the surge in entrepreneurship among women.

The irony is that startups founded and cofounded by women performed better than their men counterparts: on average women-owned firms generated 10% higher cumulative revenue over five years, compared with men.

With the barriers and negative experiences women cited in the workforce, it is not surprising that across the globe, the top motivation for starting a business is to run it themselves (61%). Women want to have more control over their future, but they are committed to helping future generations by being a role model for younger women; 80% believe this is a strong motivating factor.

But the women surveyed don't expect entrepreneurship to be smooth sailing: one-third of women with plans for entrepreneurship are "very worried" about their business — or future business — failing in the next five years. The top three challenges when starting a business center around finances — earning enough money to offset costs, having enough budget to grow, and financing their business. And when it comes to financing, women face stark disparities in the capital they often need to fund their business. Boston Consulting Group found that women entrepreneurs averaged $935,000 in investments, which is less than half the average of $2.1 million invested in companies founded by men entrepreneurs. The irony is that startups founded and cofounded by women performed better than their men counterparts: on average women-owned firms generated 10% higher cumulative revenue over five years, compared with men.

Women entrepreneurs create a source of income for themselves and their families. They are a vital part of our world's economic engine that society needs to support with flexible opportunities, mentorship, and access to capital. Herbalife Nutrition is proud that more than half of our independent distributors worldwide are women who set up their businesses and decide when and where they work and do so on their terms. We need to invest in women entrepreneurs, not only to help one generation, but to offer role models for the next.