Tax season isn’t anyone’s favorite time of year, but filing early can potentially take the sting out of it for many retirees. In fact, waiting too long to file can lead to costly fees such as the IRS failure-to-file penalty of 5% per month and failure-to-pay penalties of up to 25%.
Even in retirement, many types of income remain taxable, making timely filing essential for financial security. Here are six important benefits of filing your taxes early as a retiree, and why it’s one of the smartest moves you can make this year.
