Could This Be the End of Tax Refund Loans?

 Citing that they prey on the working poor and include fees that can translate into annual interest percentage rates between 50% and as high as 500%, the Internal Revenue Service announced that starting in 2011 they would make it more difficult for income tax preparation companies to also provide tax refund anticipation loans. Originally designed to deliver instant tax refund for consumers, many consumer advocates have protested that having to pay major fees to borrow what is essentially your money, offers no benefits and is not a service for the consumer as the tax preparation companies promote.

You do not have to apply for an instant tax refund loan for fast access to your anticipated income tax refund.

 Here are two things that will help you get your tax refund faster:

  • File your income tax forms electronicallyit is much faster than paper.
  • Request your tax refund be directly deposited into your bank’s savings or checking account.
  • Combining these two simple practices could enable you to get your tax refund within 8 to 15 days.

Just think if everyone did this, instant income tax refund loans would not even be necessary.

How much are they paying to get an advance?








Comparing their tactics, as comparable to a downtown pool hall loan shark, operationconsumer advocates have been attempting to educate the massive numbers of Americans whom every year take out loans on their tax refunds, just how much they are paying to get an advance on their money. Initially believed to be of benefit to consumers when, initially offered in early 2000, tax refund anticipation loans positively endorsed across the board.

However, these days they are being denigrated as largely useless because, thanks to modern technology, most taxpayers can have access to their tax refund within days.

Refund anticipation loanshigh-interest rates

Refund anticipation loans are short-term loans with high-interest rates. Marketed as “instant tax refunds,” they target those who are least likely to be able to afford them…the working poor. Since the tides have changed regarding their true “loan intent,” a few of the giant tax preparation companies have been sued due to the way they market this service.

Unintended tax security consequences

Due to the massive complaints and negative publicity surrounding refund anticipation loan practices, the IRS begin checking into instant tax refunds and in 2008 start issuing guidelines on how they were marketed to tax preparers. Within their guidelines, the IRS reminded the tax preparers of their responsibility to their clients and also proposed new competency guidelines.

The continued promotion of refund anticipation loans and the related high fees has caused the IRS to re-evaluate their position and concur they have been aiding and abetting tax preparers in making high-interest loans to those who can least afford them.

To conclude:

In the past, the IRS provided tax preparation services with special information referred to as “debt indicator” for every taxpayer. Debt Indicator’s let the preparation company know whether that taxpayer’s income tax refund was going to be seized by the government for things such as back taxes, child support or delinquent student loans. Whenever the taxpayer’s debt indicator showed that the taxpayer was not getting a tax refund, the tax preparation company knew not to lend that particular person money in the form of a refund anticipation loan. Visit this site to get more information : http://www.taxreturn247.com.au


How to Get IRS Tax Refunds Quickly and Easily

IRS Tax Refunds

Waiting for your IRS tax refund can seem to take forever, especially if you need that money urgently. There are many different ways that you can actually speed up your refund, so that you can get it faster and easier. These are some important tips that you should remember to be able to get your IRS refund as fast as possible:

Deposit the money into your bank account

With all the fraud that is going on, there are many people that are not giving out their banking details for transferring their tax refund into their bank accounts.

But, the one thing that many people don’t realize, is that this is the easiest and fastest way of getting your tax refund into your account. Other methods take time, and there are many more risks involved in the other methods than giving your banking details to the IRS. You are anyway giving this information on your tax return form.

Filling your form in correctly

The second thing that you can do, is to make sure that you are filling in the tax return form correctly. If you are making mistakes, the tax return form needs to be sent back to you for correcting the mistake. This can make the whole process harder and longer.visit site here!

You should then fill in the tax return form again, and send it back. This is going to take much more time than with other tax refund payouts.

Consider E-filing

If you can’t go to the IRS offices personally, then it might be a good idea to do it via E-filing. This is the second fastest way of filing your tax return, so that you can get your tax refund faster.

The whole process of doing your tax return online, is faster and easier. It is also without any problems what so ever. You just go online, fill in the form, and sent it back with all the right documentation. You will get paid out faster than what you would have when sending the return via post office to the IRS office.

File as soon as possible

Most people wait until it is the tax return deadline before they start submitting it online, or even by waiting in queues at the head office. But, the one thing that they don’t realize, is that this is going ensure they wait longer than ever for their tax refunds.

IRS Tax RefundsPeople are all waiting until the last minute. And this is going to mean that they need to process many forms at a time. Making the process longer. If you are submitting your tax return as soon as possible, they won’t be as busy anymore and you will get your tax refund back a lot faster.see page from http://kozi.com/monday-is-deadline-for-tax-extension-through-irs/ for more info.

Waiting for your tax refund can be a daunting task.

This is because people are always waiting anxiously for the extra money. There are a couple of ways that you can make sure that you are getting your refund as soon as possible. With just doing some simple things like submitting as soon as possible and giving your banking details for your deposit, will ensure that you’re getting your tax refund in no time.…


File tax returns: Should you file when you don’t have an income?

File tax returns

Year after year, you are going to the IRS office, standing in a long queue and waiting to file your tax returns. But, in actual fact, should you not have an income, or your income is low enough for you not to submit your return, should you still file when you don’t have an income? This is the question that many people are asking when it’s time for filing taxes. Here are some things to consider that will make answering the question a lot easier:

What’s legal?

Many people are saying that you should still file your tax returns, even if you don’t have an income or even if you don’t need to because of a lower income. Other people again say that if you have filed your taxes once, you should always do your tax return – even if you don’t have an income anymore.

But, what really is the truth? When you don’t need to file taxes because you don’t have any work, or you don’t get high enough salary you don’t need to file your tax returns. You can leave it until your salary increases, or when you have a job again. But, there are many people that are saying this isn’t as simple as that.

What can happen when you don’t file your taxes?

You should remember that there are hundreds of thousands of people each year who are filing their tax returns. And the IRS won’t just know that you don’t have an income anymore, or that your income isn’t high enough for filing taxes. They just see a red flag that you haven’t filed taxes for a year or two.

And, when you start filing your tax returns again after a couple of years, you are going to need to explain why you didn’t file previous years. You are also going to have all the paperwork at hand as proof that you didn’t have a job or that your salary wasn’t high enough.

Why it’s recommended to file your taxes, even with no job

If you are going to take the time each year to state that you didn’t have any work, and you’re doing your tax return and sending it back, you will make sure that the IRS is up-to-date about your situation. And, when you need to do your taxes again, you will know that you will not encounter any problems with unfiled taxes.

File tax returnsIt is recommended that when you have already filed tax returns before, you should always file your taxes each year even if you are without work, or when you are getting a really low income. This is to ensure that you are always on the safe side.view more tips from http://www.thedailystar.net/business/nbr-launches-taxpayer-online-service-1305256

Tax returns are something that many people don’t really like doing. And, they are most definitely not going to stand in a long queue if they don’t need to. Many people are wondering if this is a good idea to leave the tax filing when you don’t have an income or when your salary are too low. It’s recommended that everyone, even those without work, should continue with filing their tax return each and every year.…


Education Tax Refund – Keep Your Receipts!

Education Tax Refund

When it comes to tax returns, it is important to know as much as possible. There are so many people that don’t know everything and, in the process, they don’t get the amount of tax refund back that they had hoped for. If you want to ensure some refund, you should make sure that you are keeping all these types of receipts. This is the only way of showing proof of payment and to be able to get a refund back on the money you have spent.

Any medical receipts

So many people don’t realize that they can get a tax refund back from any medical expenses they have paid. However, you can’t claim for any of these payments if you don’t keep the receipt and file it with your tax return at the end of the financial year.

You can claim for it on your return form, but if you don’t have the proof, you will not get the money you are entitled to. This is why you should make sure that you are keeping all your medical receipts as safe as possible until you need to file it with the tax return.

Child care

This is something that most people probably don’t know about. You can claim some tax refund back if you have use a child care service. This doesn’t matter if you have child care or a nanny at home, or if you are sending your child to child care, like a nursery or daycare.checkout more details at http://www.fool.com/retirement/2016/10/08/5-ways-to-make-your-tax-refund-bigger.aspx

However, you still need to proof of payment. This is why you should ensure that you’re paying cash for this and ensuring that you are getting a receipt for it. And you need to make sure that you keep it very safe until it’s time for your tax returns. Many people are losing money, due to the fact that they didn’t even realize that they can get a tax refund back because of child care.

Work-related expenses that you don’t reimburse
Itis important to know that the work-related expenses that you can claim a tax refund for, are just those expenses that you are paying out of your pocket without getting reimbursed by your employer.

Education Tax RefundThere are many people that think that they can claim work-related expenses with their tax returns, if they are adding the receipts. But, they have already been reimbursed by the employer. This is fraud and you can land in some serious trouble. But, by saving your receipts for petrol to work and back, can mean that you can get a tax refund. Just remember the proof is in the receipt.

So many people are throwing away their receipts and this actually means that you are literally throwing away money! Money that you could have gotten when you complete your tax forms. These receipts you should keep, are just a few that have been mentioned. There are many other receipts that you should keep and file with your tax return in order to get some kind of tax refund.…