Home > Strictly TAXES! > Pay Stub Loans/Tax Returns

Pay Stub Loans/Tax Returns

OK. Every year around this time I undoubtedly receive several phone calls that goes something like this: ” Hi. I have my last paycheck stub of the year and I’d like to go ahead and file my tax return. I really need the money. My company probably wont give me my W2 until the very last minute (Jan 31st). When can I come in and get that done?” My typical response is, we’re not allowed to submit your tax return without your official W2. “Well, that ‘other big chain tax store’ (we won’t mention any names, but you know who they are) will do it, OR, the guy down the street at such and such company did it for my co-worker.”

I want to say it loud and clear. You must have a valid and current W2 in order to file your income tax return. If, by Feb 15th, after exhausting every effort to get your W2 from your employer has failed, then and only then can we submit a “Substitute W2” form based on that last paycheck stub.

I want to help clarify some of the confusion out there. We all know that certain companies have huge advertising budgets. You may hear something on TV that sounds something like this: “Bring in your last pay stub and let us see if you qualify for up to $1000.” The only reason they ask for the paystub is for proof of income. What you are applying for has nothing to do with a tax return! It is merely a line of credit! PERIOD! If you have a decent credit score and proof of income, they will open up a line of credit (aka- A Loan) for UP TO $1000. It may not be the full $1000. You may only qualify for $400, for example. Just depends. They will pre-load these funds on a Debit Mastercard for you and say, “Have a nice day.”

There is an initial cost associated with this line of credit and that does not include the high interest that you will pay when the loan needs to be repaid by the Feb 15th due date!

Don’t take my word for it. Call these companies and ask the right questi0ns. These are NOT BASED on your anticipated tax refund!!! It’s just kind of easy for it to sound that way in the advertisements, if you’re not paying close attention.

I hope that this helps clear up some of the confusion.

As licensed tax professionals, we must adhere to a code of ethics. We are not allowed to submit a tax return without a W2, if you were an employee.

Feel free to call us with any questions at 954-583-8534. You may also visit our website at www.efileflorida.com for more informative tips and articles.

Categories: Strictly TAXES!
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