Experts caution taxpayers to prepare for another year of delays and hassles as the tax-filing season has already begun, highlighting the significance of filing early and carefully organizing your information.
The COVID-19 outbreak has left the economy in shambles. Financial stability is the most critical challenge for 12% of small business owners, followed by losing business and acquiring new consumers. No wonder taxes—a bill that arrives at the end of each fiscal year—are the second-most pressing issue for small businesses in the United States.
In a typical tax year, the IRS estimates that 30 million people put off filing their taxes until the final two weeks before Tax Day. The reason we say "usual" is because the pandemic-related deadline juggling by the IRS over the past couple of years reduced the last-minute rush.
Even though the deadline to submit your 2022 taxes is April 18, 2023, typically, the IRS begins receiving returns as early as January.
If the government does owe you money this year, making an early file can ensure that you receive every dollar that is due to you. According to IRS data, taxpayers who submit before the end of February receive average refunds of $400, much more than those who file later. Naturally, you're more likely to file earlier if you know you're getting a return, which may contribute to the fact that early filers receive more significant refunds.
Another argument, though, is that the earlier you begin filing your taxes, the more time you have to ensure you're taking advantage of all the tax breaks and credits you're entitled to, which require more effort and paperwork than using the standard deduction.
To do your taxes earlier, try setting a fictitious deadline for yourself. Give yourself a little reward for being practical and accountable after filing your return. After that, unwind.
Suppose you work with TaxTaker early in the tax season. In that case, you can take extra time to ensure you've gathered all of the correct information, and we can assure you get every possible deduction to give you the best return possible. More importantly, you can avoid an unpleasant IRS audit, which is more likely if you mistakenly leave out critical information on your return.
Unlike traditional accounting firms or banks, we make qualification and underwriting decisions in minutes rather than days. We'll inform you immediately if you're a good fit for our services because time is money, and you should save both.
If you’re planning on taking the R&D credit this year, you already know you need to complete it prior to filing your taxes. We never want to be the delay if you’re making the responsible decision to file early.
For the past few years, we've been building, honing, and refining our platform to make it ridiculously simple, and fast for startups to get cash back so they can focus on what they do best—building awesome companies and changing the world.
We've spent decades in the field listening to the pain points of businesses and their accountants. Through an intuitive tech-enabled solution, TaxTaker streamlines the process of obtaining these tax credits so that consumers can finish it in one hour or less.
It happens in three easy steps after you join up:
Our software also offers several additional advantages to your R&D credit filing process, such as less time spent exchanging emails, which speeds up the process by 90% for a busy founder.
Why wouldn't you want your money quickly returned directly to your startup's profit margin?
Using our app, you can recoup up to 10% of the annual cost of producing products and technology.
We’ll email you 1-3 times per week—and never share your info.
As a venture investor, boosting portfolio success is key. Discover the power of tax credits for real financial gains. Dollars saved, not just income reduced.
Unlock state-level R&D tax credits for vital financial backing. Propel qualified R&D efforts and reach strategic milestones with confidence.