Don’t Miss Out On Tax Season Sales
What is the Path Act and Tax Cuts Act and How Does That Affect Car Sales?
How can you make the most of the shorter tax season?
Due to the PATH Act, Tax Season is no longer 60 or 90 days but closer to 6-9 days long. In 2017, 90% of all refunds were released in two days and that pattern has continued. Don’t let Tax Season catch you off guard – you can maximize your sales even though the tax season is shortened.
Minimize your risk with pre-selling, inventory management, and the right GPS solution. Make sure you know what you need to do in order to be in prepared for the Tax Season. Review these resources, and contact us if you have additional questions.
- Plan to pre-sell your customers before they receive their tax refunds.
- Maximize your sales with key marketing techniques such as promoting “Bring your W2, drive out today.”
- Minimize your risk with a trusted GPS solution like GoldStar, which offers tools for quick reference checks, improving on-time payment rate, and more.
Download the FREE whitepaper
GoldStar® GPS gives you the confidence to say yes to more at-risk buyers and manage risk easily with location tools, reference checks & payment reminders. GoldStar gives buy here pay here dealers peace of mind, knowing that they can quickly locate and recover vehicles with GPS vehicle tracking technology, if payments become delinquent. Don’t miss out on the shorter Path Act Tax Season sales window; prepare now to maximize your sales with these tips and resources from Spireon.
Review the additional resources below, and if you have further questions
PATH Act Timeline
- Now through February 14 – Window to pre-sell car buyers based on their estimated tax refund
- February 15 – When tax refunds will be processed for those affected by the PATH Act
- Last week of February – When tax refunds will be issued for those affected by the PATH Act
- Tax Season Sales Window – Approximately March 1 —March 10, depending on when refunds are received
PATH Act Glossary
- PATH Act – The PATH Act, which initially impacted consumers in 2017, includes changes to two tax credits, the ACTC and EITC. Any refund that includes earned income tax credit (EITC), child tax credit(s) (ACTC) or education credit will be delayed until after 2/15 (most tax returns).
- The Additional Child Tax Credit (ACTC): The refundable portion of the Child Tax Credit (CTC)
- The Earned Income Tax Credit (EITC): A means-based refundable tax credit that can be worth more than $7,000 – a greater than 20% increase in 2019, due to the recent tax cuts.
- Tax Advance Pre-Sell Program – A program that allows you to pre-sell customers based on their projected tax refund using their most recent paycheck stub and W2.
- How the PATH Act Will Affect Your Tax Season
- What is the PATH Act and How May It Impact Your Taxes?
- TRS Tax Max 4th Quarter Sales Program
- TRS Tax Max New Tax Season Marketing Tips
- TRS Tax Max Underwriting Checklist
Need Help? Contact Spireon
4 Must Know Effects of the New PATH Act on Your Dealership Taxes
Wondering if the PATH Act (Protecting American Taxpayers & Homeowners Act) affects your auto dealership?The PATH Act was passed and signed into law in mid-December of 2015. This act is monumental for extending or making several tax provisions and credits permanent. In addition to giving credits to millions of working Americans, PATH also positively impacts businesses. Here are some tax provisions (in basic lingo!) that affect your dealership tax filing for the year 2016 and onward.