What's Happening?
As the Internal Revenue Service (IRS) opens the 2026 tax filing season, experts are advising taxpayers to consider filing their returns early. Filing early can lead to faster refunds, more time to pay taxes
owed, and advantages in financial planning. Early filers are typically first in line for processing, which can be beneficial given the IRS's current staffing challenges. Additionally, filing early can help prevent tax-related identity theft, as criminals often attempt to file fraudulent returns at the start of the season.
Why It's Important?
Filing taxes early can provide significant financial benefits, especially in a year marked by IRS staffing cuts and operational strains. Early filers can receive their refunds sooner, which is crucial for those relying on these funds for financial planning. Moreover, early filing can serve as income verification for financial aid, loans, or housing applications, offering a strategic advantage for those with variable incomes. By reducing the risk of identity theft, early filing also protects taxpayers from potential fraud-related delays and complications.
What's Next?
Taxpayers should consider their individual financial situations and consult with tax professionals to determine the best filing strategy. As the tax season progresses, the IRS will continue to process returns and issue refunds, with early filers likely experiencing fewer delays. Taxpayers should also remain vigilant against identity theft and consider using the IRS's identity protection PIN for added security.
