- 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

Introduction to Retirement Funds

Target date funds help you maintain a long term portfolio.

View Course »

Intro to different retirement accounts

What does it mean to have a 401(k)? IRA?

View Course »

TurboTax Articles

What Are the Tax Penalties for Smokers?

Starting in 2014, the Individual Shared Responsibility provision of the Affordable Care Act made you responsible for having minimum essential coverage, or MEC, in health insurance. Otherwise, you need to be eligible for a health care exemption, or you could pay a penalty when filing your income tax return. This requirement for minimum essential coverage applies to smokers and nonsmokers alike. If you're not covered by an employer's health plan and are a smoker, you can go to the health care marketplace to find MEC. If you're still unable to comply, you may have a penalty applied.

5 Steps to Navigate the Healthcare Marketplaces

To navigate the Health Insurance Marketplace, you have to know what you want from a health plan. Have your previous plan handy to make comparisons, as well as household and income information. If this is your first health plan, be aware of your needs and know your tax situation. Eligibility depends on the size of your family and combined income from all sources.

What Is Form 8941: Credit for Small Employer Health Insurance Premiums

Small business owners who subsidize the cost of employee health insurance premiums may be able to get some of that money back by claiming the credit for small employer health insurance premiums on their taxes. Some of the eligibility requirements, however, limit the number of people a business can employ and the average annual wages they earn. Qualifying as a small employer can reduce your tax bill by the amount of the credit you report on Form 8941.

What Is Form 8911: Alternative Fuel Vehicle Refueling Property Credit

In light of rising gasoline prices and environmental concerns, consumers have become more receptive to buying cars and trucks that run on types of fuel other than gasoline. The U.S. government introduced a tax incentive to encourage the installation of facilities to store or dispense alternative fuels in 1992. That incentive has evolved into a tax credit that also applies to equipment that recharges electric cars. If you equipped your home or business to accommodate alternative fuel vehicles, you may be able to use Form 8911: Alternative Fuel Vehicle Refueling Property Credit to reduce your federal tax obligation.

What Is Form 8885: Health Coverage Tax Credit

The health coverage tax credit is a program in place for tax years from 2002 to 2013 to help eligible individuals and families by paying a portion of premiums for qualified health insurance programs. Since the legislation authorizing the credit expired in January 2014, tax returns filed in 2014 for the 2013 tax year represent the last time eligible taxpayers can claim the credit.

Add a Comment

*0 / 3000 Character Maximum