As COVID-19 continues to impact the United States, the federal government is taking action to ease the burden on taxpayers. Most recently, as part of the CARES Act, the Treasury Department is sending out stimulus checks to most (but not all) Americans. Those stimulus checks are starting to hit bank accounts now, which is offering relief…
It’s a good idea to mull over other strategies before applying for a tax Refund Anticipation Loan (RAL). Just make sure they’re appropriate alternatives. Here are a few to consider: 1. Adjust your withholding. If you’re getting a big tax refund, that can mean that you’re having too much money withheld from your paycheck. You might do better…
Tax season opens Monday, January 27, 2020. The beginning of tax season can be a busy and anxious time for taxpayers – especially those who are waiting for tax refunds. Sometimes, taxpayers who are waiting for refunds turn to refund anticipation loans (RALs). Here’s what you should know about how they work and why you…
The beginning of tax season can be a busy and anxious time for taxpayers – especially those who are waiting for their tax refunds. This is a particularly stressful year for some taxpayers: the combination of new tax rules and the delays tied to the shutdown have taxpayers on edge about when they might see their…
Some taxpayers use a tax Refund Anticipation Loan (RAL) to bridge the gap between the first of the year and mid-to-late February. Sometimes, you’ll get turned down. If you’ve been turned down for a tax refund-related loan, it might have been for one of these reasons.
While some indicators point towards an economy on the mend (including steady inflation rates and strong Black Friday sales), it’s clear that many Americans are still financially strapped. This has been particularly evident over the past few weeks as my email inbox has been chock full of questions about whether H&R Block will be offering…
Shares of Jackson-Hewitt stock continued to plummet in February as word of their problems with their RAL lender continued to make news. The stock opened at $2.16 today, well below the $4.50 mark it had dropped to after its December announcement that it would not be able to cover all of its RALs for the…
Taxpayer asks: Why was my RAL denied? Taxgirl says: RALs are refund anticipation loans. They are basically loans (usually high interest) against your refund from the IRS. I am not a fan of the RAL. In many cases, I think they’re oversold to folks who can least afford to pay the fees when a normal…
I’ve received a number of emails from angry taxpayers who allege that third party preparers like H&R Block and tax software developers like Turbo Tax failed to properly advise that certain kinds of transactions (such as refund anticipation loans or paying filing fees from tax refunds) would result in a paper check versus direct deposit…
There’s nothing like a few extra dollars – this time in the form of tax rebates – floating around to bring out the worst in people. Don’t get scammed. Know your facts. One of the biggest scam opportunities in recent tax years involves the tax rebates from the economic stimulus plan and the question of…