Don’t waste your money: Benefits of filing taxes early - News, Weather, Sports, Toledo, OH

Don’t waste your money: Benefits of filing taxes early

(Source: AP Images) (Source: AP Images)
(Don't Waste Your Money) -

Tax refunds could be delayed this year but the IRS says there are benefits of filling early.

Tax filing starts this week. And millions of taxpayers will be rushing out to tax preparers or uploading their web programs to get that refund as soon as possible.

Unfortunately, tax refunds could be delayed two or three weeks this year.

A new law passed by congress requires the IRS to give extra scrutiny to tax returns claiming the "earned income" credit, and additional child credit returns typically filed by lower income working people, who depend on their refunds.

Frank Thompson doesn't like the idea of waiting longer for his own money.

"You work, and you want to get paid on Friday. You pay your taxes, you want to get your refund the first of the year," said Thompson.

This is all an attempt to cut down on tax filing fraud where scammers would file millions of bogus refunds in recent years, hoping to claim your refund before you do.

IRS spokesperson Jennifer Jenkins says it's so important to file early these days, to prevent a scammer from having time to file under your name.

"You are increasing your chance that with your delayed filing, that they may step in and file using your information," said Jennifer Jenkins, IRS spokeswoman.

No one likes waiting a few more weeks for money that is rightfully theirs.

But Won Hassan says if it prevents fraud, it will be worth it.

"I don't like it, but if it gives me more money, I'm willing to wait," said Hassan.

Filing early may mean having to wait longer but it puts your money at the front of the line.

Don't Waste Your Money is a registered trademark of the EW Scripps Co.

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