Tax Refund Advance
As soon as January rolls around people start to think about tax season. Employers are required to mail w-2's by the end of January. By February many known franchises usher in patrons to have their taxes filed. Tax preparation businesses offer tax refund advance loans or rapid refunds, as they are commonly known, to patrons expecting a refund. To some, if thousands are expected, two to three hundred is worth the price of avoiding a 10 to 15 day wait. Others may not be computer literate, while others seek help with schedule C itemized filings. In either case, checks are usually available in 24 to 48 hours.
Schedule C's are required by independent contractors. The alternative is to take the standard deduction, which is most common among workers without business expenses. Comprehensive online software offers guidance in giving the filer questions to determine the best and appropriate entries. Taxes can be filed online free through the IRS website for filers with income under $50,000. If this option is chosen the following documents need to be handy:
- All W-2's, 1099's, W-G's and other income statements
- I- or interest earning income and credits from dividends, pensions, and real estate.
- Social security numbers of all family members and dependents
- AGI - Previous adjusted gross income from the last year's tax return
- Receipts - Business expenses, charitable donations, tithes, uniform expense (if two jobs), gas or mileage, and hefty medical expenses.
Popular online software will also guide the filer through these entries as well. The ability to file online obviously drove down the numbers for many franchises. The innovative rapid refund loans elevated numbers again and gave these businesses a niche in tax preparation.
The costs of tax refund advance loans are actually broken down in interest rates on the level of payday loans, with a $35-$40 processing fee by the franchise. IRS sends letters out to those who received a previous year advanced loan and refund for ineligible dependents and monies owed to the Dept. of Treasury for student loans and child support. The Department of Treasury withholds and manages all outstanding federal and state funds. The lender has to initiate its own collection process.
Modifications in internal systems have made IRS more efficient in issuing tax refunds. If ten days is as good as two, direct deposit options will expedite your refund. Checks only take a few days longer. In the end, money will be saved and possibly allotted for a personal tax season treat.
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