Instant Refund - Don’t Believe It!
Filed Under Tax Refunds, Uncategorized
You may have seen companies advertising instant refunds. Beware of them. Have you heard that there’s no such thing as a free lunch? Well, there’s no such thing as an instant refund either.
How do these companies get your refund instantly for you?
They don’t, is the short answer.
- They will complete your tax return and file it for you.
- If their calculations show you are due a refund, they’ll pay it to you instantly.
What’s the catch?
- The IRS may not agree with the calculations and you may not be due a refund.
- The company is making you a loan of the amount they expect you to receive.
- Interest and establishment fees are added to the loan, which is deducted from your tax refund.
That’s right - you’re paying them to loan you what they think you’ll get, and they take their interest out of your tax refund.
How can I get my full refund?
The IRS says that electronically is the fastest way to file your tax return. If you are due a refund, you can have it in as little as five days, deposited directly into your bank account. That’s your full tax refund, sitting in your bank account, no fees or hidden charges, in as little as five days. It’s not quite instant, but you will get the full refund that’s due to you.
If you don’t feel confident about preparing your own tax return, you can get help, free of charge, through IRS programs such as VITA (Volunteer Income Tax Assistance) and TCE (Tax Counseling for the Elderly). These services are offered in all states. Wisconsin, for example has more than 200 locations where you can get free tax assistance. To find a location near you, call the IRS on 1-800-829-1040
You can read more about tax help at http://taxassistonline.com
Don’t be tempted by companies offering you an instant tax refund. There’s no such thing and you’ll end up worse off.
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