If you are in need of financial assistance, and it’s close to income tax season, you can consider filing your taxes early. Every year, many people use a paycheck stub to file their taxes early and get an advance on their refund. However, you must do a few things if you want to file early with a paycheck stub.
Make Sure the Pay Sub Is Accurate
Confirm that your paycheck stub is accurate. To file income taxes early, your last paycheck stub must contain certain information, such as your legal name, your employer’s name and address and your year-to-date gross pay and federal income tax deductions. It is important that your last paycheck stub match the information that your employer reports to the IRS. Be sure to notify your employer if you notice any inaccurate information on your paycheck stub.
Find a Tax Preparer
Locate an appropriate tax-preparation business. A variety of tax-preparation companies will allow you to file your income taxes early with a paycheck stub if you meet all the minimum requirements. These companies often make loans available to customers through a lender, and you simply repay your loan with your federal income tax refund. Basically, the loan is secured by your anticipated income tax refund, and the amount of your refund determines how much money you can get.
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What To Bring
Gather all your documents. Make sure you have the following items available when you are ready to file your taxes: your last paycheck stub, a current driver’s license or state identification card, Social Security card and the Social Security numbers for all dependents you are claiming on your taxes (if applicable). If you are claiming additional income, credits or deductions, bring the appropriate paperwork and forms with you so you can include this information on your tax return.
Filing the Return
Complete the required paperwork. The tax preparer collects all your documents from you and informs you if you are eligible to file your income taxes early. If you meet the minimum requirements to file early, you must sign and date all the necessary paperwork to receive your refund. You may have a choice of how to receive your loan, such as a paper check, direct deposit to your bank account or having the money loaded to a prepaid debit card. Depending on the lender, tax-preparation company and loan product, it may take anywhere from one day to two weeks to receive your funds.
Certain types of fees usually accompany these types of loan products, such as an account setup fee and finance charges, and the tax preparer typically charges fees as well. Be sure to inquire about these fees before you file your taxes. You may need to meet other requirements to file early, such as having an appropriate credit score. If you choose to file your taxes early through a tax-preparation business, you must e-file your federal income tax return to qualify for a loan. You are not eligible to receive a loan on your anticipated income tax refund if you owe the IRS back taxes or if you are delinquent on your student loan or child-support payments.