5 Reasons to File Your Taxes Early

Advantages to filing early include receiving your refund faster and avoiding fraud.

Lessons in minimizing your tax burden from tax expert Karl Frank

If you have a really complicated tax form – in which case you probably have a tax consultant or accountant advising you every step of the way – "many filing issues are resolved as the [tax] season goes on for the IRS," says Tim Gagnon, an assistant academic specialist of accounting at the D'Amore-McKim School of Business at Northeastern University in Boston.

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It's possible that if you file too early, Gagnon says, you "may need to amend filing if the IRS changes forms, instructions or interpretations."

Still, for most taxpayers who have refunds coming, filing early rather than later is the smarter decision. It is also psychologically better for many people, Pon says.

"Get the darn task out of the way" is the reason most of his clients opt for early filing, he says. He adds that it's always "nice to get something checked off your to-do list early instead of letting it fester."