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  1. #1
    Deal GURU
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    Default Tax Refunds: You Don't Have To Pay To Borrow Your Own

    mad when I hear those ads!!!! Why would someone be so willing to pay to get their own money? Just direct deposit your refund and wait two weeks or less to get the full amount yourself
    ===================
    People know they don't have to pay to borrow their own refund
    it's a choice
    if they want to do it, why not?


    FS
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  3. #2
    Deal GURU
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    Re: Budget101.com : Tax Refunds: You Don't Have To Pay To Borrow Your Own...


    Why not??? Because most people don't know that having the refund directly deposited in an account will only take a couple of weeks. If they need it bad enough to pay the extra fee. the money they would save could pay another bill. Or, if they don't want a bank account if they file early enough it only takes a couple of weeks to get the refund.


    mad when I hear those ads!!!! Why would someone be so willing to pay to get their own money? Just direct deposit your refund and wait two weeks or less to get the full amount yourself
    ===================
    People know they don't have to pay to borrow their own refund
    it's a choice
    if they want to do it, why not?


    FS
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  5. #3
    Deal GURU
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    Re: Budget101.com : Tax Refunds: You Don't Have To Pay To Borrow Your Own...


    I am one of those that gets the fast loans from Jackson Hewitt. I get over
    7,000 back and I had to pay 167.00. For me it is worth it. I have to pay for
    college and my girls private school so I can't wait the couple of weeks for it
    to come to me. Not only that when I do it myself for some reason I am always a
    few grand short.

    Lorrie
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  7. #4
    Deal GURU
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    Re: Budget101.com : Tax Refunds: You Don't Have To Pay To Borrow Your Own...


    Am I understanding this correctly. If I have an account do my taxes and he has
    it deposited to my checking or saving account it cost me money and how much. If
    he has it snail mailed to me there is no cost. If this is not correct please
    let me know.

    Since we are on the subject of incom taxes, how do I find a reliable account
    that will not cost me an arm and a leg. I was told that H & R Block is good but
    expensive.

    Thank you,
    Melissa

    Vickie Anderson <vickieanderson18@yahoo.com> wrote:
    Why not??? Because most people don't know that having the refund directly
    deposited in an account will only take a couple of weeks. If they need it bad
    enough to pay the extra fee. the money they would save could pay another bill.
    Or, if they don't want a bank account if they file early enough it only takes a
    couple of weeks to get the refund.
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  9. #5
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    Re: Budget101.com : Tax Refunds: You Don't Have To Pay To Borrow Your Own...


    I have never hired an accountant. I use Turbo Tax or Tax Cut software and I have not had any problems. Just gather all of your paperwork, SSNs (important not to mess them up!!!!!), phone numbers, bank routing numbers, etc. before you start and send the kids off to play elsewhere. You need to concentrate.

    Then, read carefully and input everything. DO NOT SEND until you are sure of what you have input. Otherwise, you will have to make corrections.

    *****

    When you file your taxes, you have the option of having your tax refund sent directly to your bank account via direct deposit (FREE). It will go to your checking or your savings account. This year, you have the option of spliting it up into three different accounts (say, a checking account, a savings account and a money market account OR a checking account and two different savings accounts, for example).

    The second option is waiting for the IRS to mail you an old-fashioned paper check in the mail.

    The paying part comes when people go to H&R Block or Jackson Hewitt or some other tax preparer and get a "Rapid Refund" type thing done. What is actually taking place is that you are due to get a refund, say $1,000. Instead of waiting for the refund to come in the mail, you say "I want it NOW!", so they give you what is essentially a PAYDAY LOAN of your own refund, and give you say, $750, keeping the rest for the fees of you not waiting. That is why I say, you don't need to pay to get your own money. The refund is yours. It is all yours, unless you take the PAYDAY LOAN/RAPID REFUND option and then, you pay a large chunk of money to them for processing the loan and cutting you a check, albeit smaller, to give you a portion of your money immediately. If you would just wait for the direct deposit, you get the full $1000 in about 10-14 days via direct deposit, a little longer in the form of a paper check. Otherwise, you pay what is about 150% interest on your own tax refund.

    You can find out more details by googling "rapid refund" or "speedy tax refund" or something similar.

    Hope this helps.

    Happy Sunday!!!!!

    Herlean
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  11. #6
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    Re: Budget101.com : Tax Refunds


    I have filed my own taxs now for the last five years and have saved
    so much money in doing so. You can file for free with the IRS at
    thier web page if you are a certain income bracket.Then there is
    AARP volunteers here in town, they usually have a free tax service
    at the local library or high school they and they can efile it for a
    small fee.

    There are several progams you can use online, TAXACT, H&R Block,
    Turbo Tax all are good and gaurantee that if they make and error
    which causes you to be audited they will be there for you.

    You shouldnt have to pay to get your own money either, and the
    percentages on those loans are very high. Fastest way to do it is
    file with one the programs mentioned above and efile it. It takes
    about 10 to 14 days or less depending on who you use, the tax load
    at the differant agencies and your last name. So gather your
    information together and go file one of these ways, its worth the
    wait. And you will appreciate your money more.

    Regards, Elle
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  13. #7
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    Re: Budget101.com : Tax Refunds: You Don't Have To Pay To Borrow Your Own...


    <<Am I understanding this correctly. If I have an account do my taxes and he has it deposited to my checking or saving account it cost me money and how much. If he has it snail mailed to me there is no cost. If this is not correct please let me know. >>

    No the group is talking about using Refund Anticipation loans. The accountant will charge you for preparing your taxes no matter what, but if you have the refund direct deposited or issued in a check form, it will not cost you anything additional. A refund anticipation loan WILL cost you....about 1/2 of your refund.
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  15. #8
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    Tex Refunds, etc.


    It doesn't cost half your refund, unles you are only getting about
    $300 back, and then, really, what's the point in getting a RAL?

    The RAL's will cost you about $100-150 extra to get, because the
    theory behind them is that the company who gives it to you (usually
    H&R Block), is lending you THIER money, and you are signing over
    YOUR refund to them. It's the same as getting a short term pay day
    loan. You pay high fees to get the money immediatly.

    The reason they charge so much is because there are people who have
    debts with the US, or loan companies, and who have thier refund
    garnished by the government in order to pay the debt. Because this
    isn't common knowledge when the taxes are processed byt he
    accountant, they are making themselves (and you) liable for the
    money given immediatly.

    The debt to the accountant will be treated the same as any debt, but
    people who might be desperate for the money, and think or know the
    money will be garnished, might do this to get the money anyway.

    It doesn't always work that way, and you still have to have decent
    credit to qualify for the RAL, but it does happen.

    The RAL is different from asking your money to be direct deposited
    into your banking account, which is free of charge to do. That
    ensures that your money arrives faster because you do not have to
    wait until a check is cut, then mailed, before you get the money.

    It costs nothing extra to get it direct deposited. Additionally,
    over the past few years, the government has significantly upped the
    amount of people who process online returns, and significantly
    downed the amount of people who process mail in returns.

    Because of this, an online return sent in on Feb 1st, and a mail in
    return recieved on Feb 1st will not be processed in the same amount
    of time.

    The mail in will take 4-6 weeks to even be looked at, though the
    earlier it is mailed in, the better your chances of beating the rush
    are. So, 4-6 weeks later, someone processes the return. Within 2
    weeks, your check is cut, and either mailed or deposited. If it's
    mailed, figure another week of time to get it into your hands. So,
    by mailing it in, it can take up to 9 weeks to get back into your
    hands.

    For people who mail their taxes in on April 15th, it can take up to
    12 weeks to be processed now.

    Now, the person who efiled on Feb 1st will have thier return
    processed within 1-2 weeks. Thier return will be deposited within 1-
    2 week, or sent out. Add another week for mail time, and the person
    who did efile has a check in hand no later than the end of February,
    or the begining of March. The longer you wait to efile, the longer
    it takes to return, but because there are literally 3 times as many
    people processing online returns as mail in returns, it will still
    not take nearly as long to process.

    What does all this mean? If you want your refund fast, and to get as
    much out of it as you can, file it immediatly by efile, and direct
    deposit the money.

    One year, we got our taxes filed the 1st of February, and we got
    them back in our bank just before Valentine's Day.


    --- In Budget101_@yahoogroups.com, "The Osenbaugh's" <osenbaug@...>
    wrote:
    >
    > <<Am I understanding this correctly. If I have an account do my
    taxes and he has it deposited to my checking or saving account it
    cost me money and how much. If he has it snail mailed to me there is
    no cost. If this is not correct please let me know. >>
    >
    > No the group is talking about using Refund Anticipation loans.
    The accountant will charge you for preparing your taxes no matter
    what, but if you have the refund direct deposited or issued in a
    check form, it will not cost you anything additional. A refund
    anticipation loan WILL cost you....about 1/2 of your refund.
    >
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