It’s time to start thinking about filing your taxes again. While we are still a few months from the deadline, it’s a good idea to get a jump start on the filing process. Getting a head start can give you time to deal with any surprises, and an opportunity to assess your financial situation for the year ahead.
If you find yourself with significant credit card debt, it’s time to consider a direct installment loan from Lendah. With an installment loan, you can work to pay off your debts quickly to build a better financial future and make the 2024 tax season a breeze.
Learn more about installment loans.
Things to Know About the 2023 Tax Season
The 2023 tax season is bringing new policies with it. Here are some details to remember before you begin the filing process:
- The IRS began accepting and processing tax returns for 2022 on January 23rd.
- The filing deadline is April 18, 2023.
- If you made $73,000 or less in 2022, you are eligible for the IRS’s Free File program.
- Reporting rules have changed for Form 1099-K.
- Now a single transaction exceeding $600 can require the third-party platform to issue a 1099-K.
- Money received through third-party payment networks from friends and relatives as personal gifts or reimbursements for personal expenses is not taxable. (This includes platforms like Venmo and PayPal.)
- Some tax credits, including the Child Tax Credit (CTC), Earned Income Tax Credit (EITC), and Child and Dependent Care Credit return to 2019 levels. This means that affected taxpayers will likely receive a significantly smaller refund compared with the previous tax year.
To learn more about what’s changed and how to file your taxes, visit https://www.irs.gov/
How Your Finances Can Benefit From Your Tax Return
If you are receiving a tax refund this year, the best thing you can do is invest in your financial future. If you use your tax return to pay down your credit card debt, you can save money on interest, improve your credit score, and work towards other financial goals. You may not be able to pay off all of your debt, but it will put you further down the path toward a debt-free life.
If you won’t receive a tax return and owe money to the IRS, make room in your budget for tax payments by consolidating your credit card debt with a direct installment loan.
Direct Installment Loans From Lendah
If you’re having to make room in your budget for tax payments each month or just want to expedite your credit card debt repayment, consider a direct installment loan. These are loans in which the lump sum of the loan is given upfront, and then the borrower pays back the loan in monthly installments.
Installment loans are ideal for debt consolidation, emergency home repair, personal loans, and credit repair.
Lendah offers debt consolidation installment loans with set monthly payments and we work to secure the lowest interest rates possible. This allows you to pay off your credit card debt quickly, improves your credit health, and makes space in your monthly budget for savings, emergency spending, and tax repayments. Fill out this online application to start the debt consolidation process with Lendah or email us at getaloan@lendah.com to schedule a free consultation with one of our financial experts.
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