Say No to Rapid Refund Loans, RALS, Tax Refund Advances, and Refund Anticipation. Rapid refunds have very high interest rates starting around 40% up to 500% or more. Tax preparation companies don’t guarantee that you will get your money from the IRS before the normal wait time.
Save yourself some money by being patient and waiting the normal wait time. If you are not sure if you will get a tax refund you can use an estimator calculator from www.1040.com/site/tax-tools/tax-estimator. Sometimes things that look too good to be true are. Do your research before signing up for a product or service. Here are 4 tips to say no to rapid refund loans and get your tax refund faster.
1. File Online. File your tax online by using a free tax preparation site with the IRS or a tax preparation software such as Turbo Tax or Tax Cut that can file your taxes electronically to reduce processing time. You can get your check within 14 days from the IRS or your local state taxing agency.
2. Deposit. Deposit your tax refund check into your bank account and skip using a check cashing store or liquor store to cash your check. If you don’t have a bank account open one to get your refund faster.
3. File early. If you expect to get a refund file your taxes as soon as you get your W-2. Early filers receive their tax refund quicker than those who wait closer to the April 15th deadline.
4. Assistance. Use a tax preparation software or get professional assistance from a licensed tax preparer or accountant to prepare your taxes. This will minimize your chances of getting audited or having errors on your tax returns. Many tax preparation software programs now guarantee that you will not be audited and that your tax returns are correct.
2 comments:
You really make it seem so easy with your presentation but I find this topic to be really something which I think I would never understand. It seems too complicated and very broad for me. I am looking forward for your next post. I will try to get the hang of it!
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