Chicago Bankruptcy Attorneys Point Out Benefits Of Early Tax Filing
The early bird gets the worm - and sometimes the tax refund.
Just because tax deadline day is April 15 doesn't mean you have to wait until then to file, according to Chicago bankruptcy attorneys. Sure, most of us look at the filing process as a chore to be put off until the last possible minute. But with all sorts of new credits and deductions added to stimulate the economy, you might want to get it over with early and get some money back in your pocket sooner rather than later, especially if you're in debt.
Did you make an energy-efficient update to your house last year, like new windows, doors, heating or air? You could get up to 30% of the cost back. Were you unemployed last year? You won't have to pay taxes on the first $2,400 you took home in unemployment benefits. Did you buy a new home recently? If you lived in your previous home for five years or more, you could qualify for a homebuyer credit. Donate to Haiti? You can write it off as a charitable donation - even if the donation was made in 2010.
These are just a few examples of the way credits and deductions can pay off. If you think you'll get enough back to cover the cost of a tax preparer - or at least some tax software - by all means do so. Chances are you'll get a higher refund that going it alone.
And taxes aren't the only time when going to the professionals can pay off. If you're buried in debt, it can be a struggle to claw your way back out. You can do it, mind you, but it takes discipline, patience and hard work as you rework your budget, restrict your spending and vow to pay more than the minimum on your bills each month. Are you having trouble getting the ball rolling? A bankruptcy plan might be just what the doctor ordered.
Bankruptcy can reduce or eliminate debts and make repaying remaining debt more manageable. It also has the potential to protect your house from foreclosure. Find out if bankruptcy is right for you when you sign up for a free one-on-one debt analysis with a professional bankruptcy attorney in Chicago. Why keep waiting until tomorrow when you can put more money in your pockets today?