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Location: Westland, Michigan, United States

Graduate of Walsh Institute Of Accountancy (Now Walsh College) Michigan in 1959. Retired in 1987, but still active in the profession **World War II Veteran (Pacific) **PHONE 734-261-1979 **E-MAIL -cpabakem01@yahoo.com **(Domain Name CPASENSE Registered) **Mentioned in the Journal of Accountancy, SmartPros, Tax Prof Blog, CPA2BIZ, CPA Journal, AccountingWEB, CPATrendlines & More **Search Accounting Blogs: http://www.blognetnews.com/accounting (Includes cpasense)**TOPICS - FINANCE - FEDERAL & MICHIGAN TAXES ** Making Sense Of Your Finance & Taxes

Monday, January 16, 2006

Stay Away From Tax Refund Loans

Would you pay a 521-percent annual interest rate, or fees that equal that much, to borrow money that belongs to you? That's what taxpayers may do when they get a loan from their tax preparer, in anticipation of a tax refund. They start out with hopes for quick cash and end up losing more than 10 percent of their refund in fees. These fees went to preparers, such as H&R Block, who aggressively promote refund loans during the tax filing season. They offer a tax filer money based on the anticipated tax refund. A bank makes the payment through the tax preparer. The money is actually a loan, repaid by the refund.

4 Comments:

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A payday loan cash advance, for those who don�t know, is a sort of a payday loan cash advance that a person can get against his or her paycheck. These payday loan cash advance are simple loans which require no credit check because they are basically a payday loan cash advance which will be repaid on your next payday.

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Anonymous Anonymous said...

Thanks after sharing. Like always, on the well-to-do and right-minded on object!

10:53 AM  

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