Are you an early filer? If so, odds are you're getting a refund
by Feb 8th 2010 8:00AM
There are a few things in life that are clear cut. You like Pepsi or you like Coke, you like Ford or you like Chevy and you file your taxes early or you line up at the post office at 11:58 on April 15th. For most people, choosing when to file your taxes boils down to one thing; will you owe Uncle Sam or will you be paying off the HDTV you bought for the Super Bowl with your refund. The good news is that, statistically, if you do file early you are more likely to receive a refund -- and a generous one at that.
TurboTax ran the numbers for tax returns filed before February 23 and found that 82% of returns filed by this date receive a refund -- and that average refund is just shy of $3,000. Of these early filers, almost half (46%) use some of their tax return to pay off debt, a smart decision with any large sum of money you receive.
That's not the only information TurboTax was able to compile about your average early filer. Using IRS data along with its own survey results, TurboTax put together the infographic below to paint a better picture of who files early.
Even if you don't file early there's a benefit to doing your taxes at the same time as early filers. "I wait till the last minute since we always owe them something. I complete them early but wait to send them." Tammy Cox of Bremerton, WA told WalletPop via Twitter.
I used to be an early filer, but last year and this year, it looks like I will owe instead of collecting a refund, so I'll be following Tammy's advice so that I can take advantage of the interest free loan from the Government and save up the extra cash that I will owe this year.
TurboTax ran the numbers for tax returns filed before February 23 and found that 82% of returns filed by this date receive a refund -- and that average refund is just shy of $3,000. Of these early filers, almost half (46%) use some of their tax return to pay off debt, a smart decision with any large sum of money you receive.
That's not the only information TurboTax was able to compile about your average early filer. Using IRS data along with its own survey results, TurboTax put together the infographic below to paint a better picture of who files early.
Click here for a larger Early Tax Filer Infographic
Even if you don't file early there's a benefit to doing your taxes at the same time as early filers. "I wait till the last minute since we always owe them something. I complete them early but wait to send them." Tammy Cox of Bremerton, WA told WalletPop via Twitter.
I used to be an early filer, but last year and this year, it looks like I will owe instead of collecting a refund, so I'll be following Tammy's advice so that I can take advantage of the interest free loan from the Government and save up the extra cash that I will owe this year.
