Suze Orman TwitterSuze Orman FacebookSuze Orman YouTubeSuze Orman LinkedIn
View Blog & News List

The Most Important Tax Tip: File ASAP!

February 25, 2016 at 12:00 AM

I know you probably can compile a very long list of things you’d rather do than tackle your 2015 tax returns. But please listen to me: procrastination could cost you big time this year, if you anticipate you will be receiving a refund.

The big risk you face is that if you dawdle and don’t get your taxes filed quickly, there’s a chance a criminal could file a fraudulent return using your Social Security number and pocket a refund. This is not some small outlier problem. In 2013, the Internal Revenue Service paid out an estimated $5.8 billion in refunds to identity thieves. That created a major hassle for people whose identities were hacked: when they filed their legitimate return that entitled them to a refund, their return was put in limbo, because according to the IRS, they had already filed a return and the refund had been paid. I want to be clear: the IRS has a system for people to get their refunds if they are ID theft victims. But c’mon, that takes time, and it is an unnerving hassle.

My advice if you are going to get a refund this year is to get your return filed ASAP. Beat the thieves to the punch! And an even smarter move for the 2016 tax year is to do what you can to not be in line for a refund a year from now. You can adjust your withholding or your estimated tax if you are self-employed.

Tag Cloud

reduce withholdingshop online guaranteed level term policyback-to-school budgetFinal Goodbyesavingsone annual fee20% down paymentidentity fraudcompare provider pricingJose Rodriguezletter to suzeFHA loan feesstandard deduction don't derail retirement savingspaying for collegebe good exampleNew York LifeplanStudent LoanStock InvestmentsMust Have Documentsinsurance mistakeCredit Card Rate IncreaseMost Influential Celebrities Listfull retirement agedon't charge a pennyVital DocumentspremiumFinancial Gift Cliffsecure creditdon't do five year car loanretirementstudent loan repayment estimatorhigh down paymenthome budget after tax costlower mortgage interestno sneaking in feeskeep a scheduleRevocable Living TrustHigh FICO Score = Better Rateinitial tax break escrowclosing disclosurebest loan deal focus on needsSuze Orman spouse Kathy Travismortgagetelevision hostSandy Hook Elementary SchoolNewtownFinancial Awareness Video Festivaldon't blow tax refundautomate student loan paymentsstrained relationshipstudent loan repayment planMoneystandard rateclosing feesbig results interest capitalizationOverspendingcar leasingsocial work15-year refinance dealPersonal Financebuying car 2016retain separate credit cardsFixed Rate MortgageETF'sdangerous retirement planAARP Social security calculatorGiftscommitHDHP's are not badraise your deductibleterm insuranceworkaholicheartacheRoth 401(k)high credit score discountclosing costs 2% of loanis it necessaryco-sign focus on new truth sidelinedpaid vacationstudent loan debtLTCvalue moneyunexpected expensepoint cost offset by savingslong term goalgraduationschedule vacationcontribute household expenses Credit scoreInteresthealthy youcostly legal no apologyemployer funding HSAstaycationFinancial Solutions For Youpowerfulprotect dependent emotional stakeswaive home inspection bidGoodbyeAccuQuote.comTelepictureshome ownershipBeautynew carWillloved ones dependent on incometitle insurance3 savings buckets protect your familywrite new goalhigh premiumsStudent Debt Crisismarriage financial responsibilitymanage student loanspay more than minimumhigh deductible health care planget credit card8 month emergency fundeight month living expense social security never insolventLTCi ASAPdangerous money seasonno splurge peace of mindFree Debt EliminatorGay Rightscredit unionHDHP negotiate points with bank or sellerEmployer Matched ContributionSuze is my biggest mentorHDHP'schildren's bookMoney MarketInfluential Celebrityis it kind?ForbesAdequate Auto and Home InsuranceMinor Children kid borrow firstpay credit debt ASAPrepay student loanspay down student loan debtconsider roth 401(k)get the most out of social security cut monthly cable billunder 18 financial giftFRAFICO Scorevalentines dayshort term goal Pay Off Debt Before Retirementgrandchild summer job IRA contribution3 step financial road mapSatisfying2015 record year car salesfinancial argumentsARMWashingtontax refund fraudopen enrollment review 401(k) Contributionshousing marketinsurance yearly reviewStudent Debtno private loanmonthly benefit reduce interest ratehealthy retirement weightderailed planmoney-aware childstay positivealternative FICO scoreMotherunsubsidized Stafford loanbetter loan ratesdeath benefit 20 to 25 times annual incomedeath benefit needs for familyMoney-Savingdental discount planautomatic withdraw to savings do you need life insuranceFederal Stafford loankids schedule paymentsTeachtaxesprovider of financial supportdon't use allowance as bribenear historic lowscalculate dependents annual income needsresponsibleaffordabilitythree year car loanIRA contribution gifted moneyreferrals refund6 month waiting periodFinancial CliffSuze Orman's Money WarsHolidayFinancial Educatoralways use all paid time offexercise reguarlymax employee matchno negativityFundspay off debtreduce monthly paymentcredit managementbuy homemeet monthly Exhibitioncollege studentBaby Boomersfile asapidentity theftlong-term care premiumscar buying mistakespaid in fullwomen long term caredon't buy wantsworst financial mistakeoverspend on dining outlive below your meansallowance taskretirement planprotect and provide for minor child one credit cardHow To Build CreditGay CouplesNew american Dream Marlo Thomasmortgage interest tax deductionincreased auto insurance premiumWarner Bros Television Groupcouple financesLong Term Care Insurance Bankhealthy aging Heartincrease emergency savingsprescription tierEric Dodge CPI-Wteach importance of helping othersLong Term Care premiumsgay marriage ban end Florida Financial Adviceincrease retirement contribution rateSandy Hook PromiseRetirement Incometoo expensive schoolloan necessity401Kpay 100% cashbetter termsHDHP/HSAinsurancefinancial fearsjanuary billsface your financial fearARM Cautionsummer job match income Americans don't use all paid vacation timeCory BookerEmergency Savingspreexisting condition not coveredhigher insurance deductibleborrow each year, capitalization is going to pile up bad decisionsdebit cardUniversity of Floridaroth irastretch out haircut appointmentspay down car loan3 bucket approachapproved medical 100% tax-freecnbc alarm clockphysical health740 credit scoreBankruptcyanticipated salarywomen outlive menPhyllis Shelton expert long-term caresave affordable premiumfile taxes quicklyLoveAshley SpringerCredit Card Interest Ratebudgetverify retirement plan with HR or plan sponsorfederal student loan deferment Durable Power of Attorney for Health Caresmall changes 2017 Taxesquick closingdream schoolrefinance19 years cash flow probleminterest on student loansOne Wallet At A TimeUrbana-ChampaignGiftjuggle multiple financial goalsteensCommencementhome buying budgetno retirement funds for down paymentThe Suze Orman Showraise deductiblesFinancial Awarenesspermanent life insuranceFICO at least 720yours, mine & oursdoctor no longer in networkget over life insurance phobiano waiting periodCollege of Veterinary Medicine4 Must Have Documents no interestreal estate mistakeshome related tax break bonus secured carddon't cover cosmetic dentistrymonthly dental insurance premiumhome buying mistakes30 year mortgage Financial Systemoverspend on nights outLTC shoppingcreate new truthInfluentialsbill paying prioritiesfamily save at least $100 monthly20 to 25 times annual incomeavoid burn outage appropriate choreloan big picture grandparent IRA contribution can you afford ittake actionraise insurance deductiblesave moneyloan is giftAlarm Clockitemized deductioniffy incomeInvest for savings growthHSA tax savings50 over 50cost of capitalization calculatorlower ratesame-sex marriagedon't spend automatic paymentno life insurance financially irresponsiblenot enough life insurancelower interest ratecut monthly cellular billhigh FICO scoredoctors in networkstudent loan repayment8 RulesSuze Orman Scholarshipcompare monthly expensesretirment savingsMass Mutuallow credit scoreSelfishcontribution enjoy saving setup automatic savings withdrawincrease retirement savingsPrime Rate Rise 2015gift grandchild IRA contributionYoung Adult Bill and PennyPost-Divorcepercentage of women widowed 75-84mortgage disclosureretirement accountsholiday spendinglower overall drug costadult childrenonly refinance if it paysstudentSuze changed my lifeloan no longer than 36monthsback door Roth IRAignore 6 month grace period Civil Rightsspring summer Communication Skills at worst still pay 75% benefithome loan credit score below 740 real estate marketpurely financial standpointFICO credit score credit card mortgagetraditional vs roth 401(k)Fiscal Responsibilitycharges on credit cardis it true? Forbes Top 10earn allowanceLifestyleritual schedulecredit carddental insurance buy down special saving accountFinancial20 year level term verify wellness screening and programsbuying a carcredit utilization rateCOLAFederal PLUS loanfinancial aidswitch to roth 401(k)age appropriate goalslousy investmentlet them have 50% controlMortgage Credit Availability Indexlife insuranceSpendingfinancing car only offered while employed emergency fund savingspresident Obamacomparison shoppingFederal Funds Rateincentives for health care wellness screeningrent vs buy3% debt transferred school community bankpay high rate off firstCNBCcar loanUniversity of Illinoissocial security not going brokewomen live longerbetter loan dealswives should be involved in retirementteach your child good money habits2015 financial roadmapmarriage inequality2016 adjust estimated taxlearn good financial choicesrequire chore in exchange for allowancefour steps to retirement savings social security40% toward financial goalbe true to yourselfsame sex marriage band end Floridawomen longer life spanannual cost of living adjustmentdon't extend mortgage 10 year repayment plan breakdown projected monthly housing costAARPSuze Ormanbad retirement planningSchool of Social Workrolloverpercentage men widowed 75-84employer offered life insuranceUS Tax CodeForeclosurenon conventional routepublic service loan forgiveness programtax ID theftWall StreetRevocable Trustlow mileage discountmultiple lendersVeterinary Schoolrising home pricesorigination fees8 month safety netpay interest while in schoollife insurance name trust as beneficiaryRetirement Savingsnot gender specific lower premiumpush yourself to save more for retirementultimate compounding giftprotect loved ones property taxmax benefit coveredzero rate transfer dealsmoney vowscommunity college20% equity!00% tuition paiddebt freereplace permanent life insurance with termfinancial goal phraseterm life insurancebest interest ratesadd teenmental healthdo not pay allowance for good behaviormake saving a pleasureadjust allocations become member successshorter payback periodChanging Livesfinancial independencemaintain standard of livinggift not loanoverspend on giftsdear suzefraudulent returnPBS SpecialStaffords this year have a fixed 6.8% interest ratefinancial concernmobile appsavings pleasureConventional loan PMIPrime Rate Increase20% down payment avoid feesRichborrowing plan 2016 adjust withholdingEasy Life Insurance college graduatelow down paymentbalance transfer be kind to yourself15 year mortgageget health insuranceleave a legacyno fee transferteens and moneypositiveswitch to spouse coveragedon't ignore open enrollmenthome buying seasonno late fee costly insurance mistakeresponsible with moneychildren under 18higher monthly paymentSuze approvedis it necessary?home insuranceHDHP's are good for youSave Us Moneyadvice for college graduateslong term caremax employer matched 401(k) contributiondebthighest possible benefitAmy Lacyetemergency fund required disclosuremortgage brokerLegal Guardianbuy home you can affordconfidentstore credit cardsknow before you owewould you decline a bonuscredit reportno tax on withdrawlsGraceovercome financial fears10% donate to charityhealthy retirement blood pressurelow-cost index mutual funddon't defer interest paymentspublic service career student loan repayment gift up to 14,000Holiday SeasonSelectQuote.comlowest cost fund optionallowancedental savings planuniversal college accessHoliday ShoppingFinancial Power of Attorneyno private loansCiti Simplicity Card depreciating asset burn outconfident of solutionHigh Credit ScoreLong Term Care shoppingspeak new goalAuto Savings long-term care


View Blog & News List
People First. Then Money. Then Things.
Connect with me on Facebook Connect with me on YouTube Connect with me on Twitter
© 2017 Suze Orman Media Inc. All rights reserved.
 
 |  Search  |  Sitemap  |  Privacy  |  Terms
Sign Up For E-mail Offers
Open Panel
Close Panel