Why You Should Consider a Free Tax Service. |
| Using either of these FREE options can help you keep more of your refund at tax time by avoiding expensive commercial tax preparers and “rapid refund” loans. |
Claiming the Tax Credit You Deserve
Avoid the "Rapid Refund" Trap
Though you may get your money back faster, going to a commercial
tax preparer and getting a rapid refund comes at a high cost.
In addition to what they charge to file your taxes, they may also offer you a “rapid refund” to get your refund quicker. “Rapid refunds” are actually loans, that charge high interest and may even have to be repaid if
the IRS denies or delays your refund, or if it is less than you
expected.
Example: After getting her taxes done at the local tax place in the strip mall, Cindy finds out she will get a refund of $3,300. She is offered a “rapid refund.” This “rapid refund” will cost her a $65 fee and $40 in other processing and application fees. This is in addition to the $185 she paid the preparer to do her taxes. Altogether, she will pay $290 to get her taxes done and for the “rapid refund” – this is almost 10% of her tax refund! (Adapted from the National Consumer Law Center).
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