Financial expert discusses benefits of early tax filing

MILWAUKEE (CBS 58) -- With a majority of taxpayers delaying tax filing until the deadline, one local financial advisor says that starting early not only accelerates refunds but also offers extra time for those owing taxes to manage payments, reducing the likelihood of financial strain.

Tony Drake of Drake & Associates joined us on Wednesday, Feb. 28 to hat about the benefits of filing taxes before the April deadline, including the stress relief and financial advantages of early submission.

He also noted that early filing enhances security against identity theft by limiting opportunities for fraud, while also preventing common mistakes that lead to penalties or audits, and eliminating the need for filing extensions, often caused by disorganization.

Drake acknowledges exceptions to filing early for some, including people waiting for essential documents or specific IRS guidelines, which may necessitate a later submission.

More information can be found by visiting Drake & Associates online.