Don’t Turn in Your Taxes at These Times of the Year
Written by
Chris Ozarowski
Edited by
Molly Sullivan
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Most taxpayers know that April 15 is the typical deadline for submitting returns. Even so, many people struggle to decide when to file during the first few months of the year. Some aim for an early return to secure a faster refund, while others find themselves scrambling at the last minute. You might assume any month before the April deadline is fine, but that isn’t always true. Sometimes, certain months — depending on the time and your situation — can put you at a disadvantage due to missing paperwork, a heavier workload for tax professionals or other setbacks.
Here’s a look at when you shouldn’t file your taxes.
January: Early Filing Can Backfire
January might seem like a great month to knock out your taxes — especially if you’re getting a refund. But a key problem is that many tax documents are not ready until late January or even mid-February. Employers, investment firms and lenders need time to finalize year-end figures. If you file too early, you may lack important forms such as a final W-2, 1099 or interest statement. Filing with partial data can lead to mistakes or missed income items, which could spark an amendment or even raise red flags at the IRS.
Make sure you have every expected W-2, 1099 or K-1 in hand. Firms typically send them out by Jan. 31, but some companies run late or issue corrected statements. Some forms may arrive electronically, so double-check spam folders and online accounts. If you suspect missing documents, contact the issuer.
Early February: Late-Cycle Corrections Still Common
Even if you wait until the first week of February, you might still face incomplete or incorrect statements. Brokerage firms sometimes release 1099 forms in waves, and if you hold certain investments, you might see “adjusted” forms in mid-February. Submitting taxes based on old data could mean you leave out gains or losses. That can force you to file an amendment later, which takes extra time and may delay any refund.
If you have complex investments, consider waiting until late February to ensure your brokerage statements are final. Keep an eye on your email. Many providers send notices that updated forms are available. If you expect complicated 1099s, a phone call to your broker could save you headaches.
Late March: High Professional Demand
Tax preparers face a surge of clients starting in mid-March. People who postponed filing in February often scramble to submit documents or meet with CPAs in the weeks before the April deadline. If you wait until late March, you may find your accountant buried in a mountain of returns. This could lead to rushed work or the possibility of your pro recommending you file an extension.
If you know you have complicated taxes, schedule an appointment in February. Provide your accountant with all forms as soon as you get them. Gather receipts, statements and forms in one folder. This will reduce the time your CPA needs to piece everything together.
April (Right Before the Deadline): Rushed and Stressful
Filing in early or mid-April can be tempting for procrastinators, but it often triggers frantic last-minute hunts for missing documents. The IRS does not penalize you for an extension if you file that paperwork on time, though you still need to estimate and pay any tax due by April 15. If you’re not fully prepared, you risk mistakes in your return. You could also run into jammed phone lines or online systems.
Filing Earlier When You Owe Money?
Some people want to file as early as possible to check off a major item on their to-do list. But if you know you owe taxes, you might prefer to hold onto your money a bit longer. Filing in January or early February when you don’t have the funds immediately available can create stress over paying by the due date.
If you trust yourself to manage the payment date, you can file as soon as you have the information, then schedule your payment for April. If you think you’ll need a few more paychecks to cover your tax bill, delay your return a bit (within reason). Just don’t miss the April deadline.
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