Tax Refund Loans
An income tax refund loan can provide you with immediate funds based on your tax return.
Things you need to know:
There are a few things you may want to consider when thinking about borrowing against your tax return. You must be willing to pay a considerable amount in fees and take the risk that your tax refund is 100% accurate.
However if there is an error on your return and your refund is actually less than what you had borrowed you will be responsible for paying the difference. In most cases this is rather difficult on the taxpayer.
Let’s face it, if you borrowed against your refund for immediate funds, you might be planning on spending the money right away. If there is an error you could have a hard time repaying it. Make sure when considering this option, you are aware of all of the charges and fees that will be imposed on your refund money.
Filing your tax return:
When deciding how you want to file your tax return there are several options available to you:
- File on paper and mail your return
- Pay a professional tax preparer
- File online and advance your refund
- File online and receive direct deposit
You must weigh the pros and cons to all of the options and select the right one for you. I can tell you the simplest and most cost effective way to file your return would be to file online using tax preparation software such as TurboTax Online. This service can help you avoid making costly mistakes and can get you the biggest refund guaranteed.
Advantages to filing online:
If you file online you can expect to get your refund in as little as a week. You could save yourself a lot of money by waiting for your direct deposit instead of an advance loan. Most tax return anticipation loans charge you around 100%-200% APR, and still take up to a week to receive.
Visit TurboTax Online today to prepare your taxes with an accuracy guarantee and a quick return on your refund.