2009/06/04

Tax Refund Loan

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Get Your Tax Refund Loan With In A Day Or Two

Executive Summary about tax refund loan by Wade Robins

Tax spell can be a very nerve-racking time for many populaces. It can be exasperating trying to understand complex tax codes, deductions and earned income credit.

Ready to Take a Ride on Tax Filling:

Will you file taxes online?

Filing taxes online is rapidly becoming the most common way of filing taxes. Even if you go see a tax professional, they are likely to file your taxes online because the process is quicker.

Many tax preparation software packages include the option of storing your information from last tax season which allows you to quickly complete information that hasn’t changed.

Income tax is a tax paid on income, unfortunately no matter how little it is.

Super Fast Tax Refund Rip-Offs

Executive Summary about tax refund loan by David S Roberts

It wasn’t too long ago that the two major tax chains came up with the idea to promote what they called, “Super Fast Tax Refunds” or “24 Hour Tax Refunds”.

The client does not get their tax refund quicker. They are actually signing away their refund to a bank!

This product is actually a high interest loan based on the total amount of your tax refund. If there is a market for these services and others, these companies should have the freedom to promote and sell these products.

There are several fees attached to this ‘quick’ refund.

The ‘bank fee’ is the fee charged to the tax preparer by the bank providing this loan. That is pure profit to the tax prep franchise chain.

The ‘cover-story’ on this fee is that it is being used to check the credit of the client to make sure that they don’t owe the IRS any money and as such would not be eligible for the rapid refund bank loan.

$250 – $300 for the preparation fees, $52 for the bank fee, $50 for the application fee and the interest on a $5000 refund we have a grand total of $402-$452 with $152 being just the fees involved in getting your $5000 check the next day. Now there is a NEW product called the Refund NOW Loan where you can get up to half of your refund before you leave the office. This incurs even more fees and at a higher rate.

Sometimes, the only reason a client chooses this product is that they don’t have the available cash to pay for their tax preparation immediately.

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Tags: tax refund advance loan, tax refund anticipation loans, tax refund loan.

Filed under Tax Refunds by taxrefunds on Jun 4th, 2009. #

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