Yes! All library materials are checked out with a due date. An item's due date is the last day it may be returned before being considered overdue (late). There is no problem at all with an early return!
For instance, if you have an item that is "due May 2," returning it in April (or even earlier) is considering returning it on time. If you return it after the due date (May 3 or later), it is considered late – but you should still return it as soon as possible!