- Days left

Are you an early filer? If so, odds are you're getting a refund

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.

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.


Increase your money and finance knowledge from home

Advice for Recent College Grads

Prepare yourself for the "real world".

View Course »

Economics 101

Intro to economics. But fun.

View Course »

TurboTax Articles

Video: Who Qualifies for an Affordable Care Act Exemption (Obamacare)?

The Affordable Care Act requires all Americans to have health insurance or pay a tax penalty. But, who qualifies for an Affordable Care Act exemption? Find out more about who qualifies for an exemption from the Affordable Care Act tax penalty, how to claim an exemption on your tax return and how the Affordable Care Act may affect your taxes with this video from TurboTax.

Video: How to Claim the Affordable Care Act Premium Tax Credit (Obamacare)

The Affordable Care Act Premium Tax Credit is a new refundable tax credit that can lower your monthly health insurance premiums. If you qualify for the tax credit, you can claim the Premium Tax Credit throughout the year to lower your monthly health insurance premiums, or claim the credit with your tax return to either lower your overall tax bill or increase your tax refund.

Deducting Summer Camps and Daycare with the Child and Dependent Care Credit

If you paid a daycare center, babysitter, summer camp, or other care provider to care for a qualifying child under age 13 or a disabled dependent of any age, you may qualify for a tax credit of up to up to 35 percent of qualifying expenses of $3,000 for one child or dependent, or up to $6,000 for two or more children or dependents.

What Is Schedule H: Household Employment Taxes

If you hire people to do work around your house on a regular basis, they might be considered household employees. Being an employer comes with some responsibilities for paying and reporting employment taxes, which includes filing a Schedule H with your federal tax return. But even if you have household employees, filing Schedule H is required only if the total wages you pay them is more than certain threshold amounts specified by federal tax law.

Add a Comment

*0 / 3000 Character Maximum