Tax Refund Advance » Tax Refund Advance FAQ’s

Tax Advance Loans: Can I Get A Loan On My Tax Refund?

TaxMan — Sun, 27 Mar 2011 15:06:10 +0000

Tax Advance Loans

Although refund loans have changed it is still possible to get a tax refund advance loan against your anticipated tax refund. We have the answers about tax advance loans! In 2010 the IRS introduced policy changes that took effect in 2011. One policy shift in particular struck a major blow to lenders offering taxpayers advances on their anticipated tax refunds.

The decision by the IRS to revise their policy of no longer providing lenders and tax preparers with a particular report call the Debt Indicator had a major impact on their ability to access risk when making a tax refund advance.

The Debt Indicator report furnished notification as to whether or not all or a portion of a taxpayer’s anticipated refund would likely be seized by the IRS due to outstanding debts. Unpaid debts and liens for such items as back taxes, student loans, missed child support payments and other similar items can be withheld and seized by the IRS to pay these types of obligations.

In the past, anticipated tax refund loans equaled the total amount of your tax refund, up to $7,500. Loan amounts were flexible from one taxpayer to another. According to one national tax service firm, for the year 2011 they are a flat amount of $1,561.22. Your net check amount will be $1,500 after the lender’s charges are deducted. The company is not offering smaller loan amounts against pending refunds this year. There are additional costs you should also consider. Don’t forget to figure-in potential miscellaneous fees such as, lender charges for the credit investigation, a finance charge, a tax refund advance administration fee for the professional tax return preparer, tax return assistance fees, and other assisted refund fees may also apply and will likely be withheld from your total tax refund.

Today, based on my research, tax refund advance loans are more difficult to qualify for, more difficult to find, and the tax refund loan products of yesterday appear to have been revised or eliminated by some lenders as a result of IRS policy changes. One lender that I found now requires that you must have a minimum refund due of $2000 minimum to qualify for Tax Advance Loans.

Tax Refund Loans FAQ’s

Tax Refund Advance

For more information on income tax refunds and tax refund advances see our section on Tax Refund Loans FAQ’s.

Tax Refund Advance Related Pages

Recent Tax Refund Advance FAQ’s

Recent & Related Refund and Income Tax Articles

– Tax Refund Advance
– Income Tax Refund
– Tax Return Advance – Refund Money Fast
– Are You Dependent On Tax Refund Loans?
– How Do I Get My Tax Refund?
– Tax Refund Loans: Are They A Good Idea?
– Invoice Factoring As Tax Refund Advance Alternative

Where To Get The Quickest Loan On My Anticipated Tax Refund?

TaxMan — Wed, 09 Mar 2011 22:42:40 +0000

The quickest way to get a authentic tax refund advance loan against your anticipated tax refund would be to follow the tips and information provided below. Tax refund advance loans are limited to $1500 for 2011. Who knows where these loans will go next year and beyond. If you just want a quick loan and do not care about whether it is a true loan on your anticipated tax refund or not or if you have already filed your return you may want to consider applying for one or more of these….

Tax Refund Advance Loan Alternatives

At this time to the best of my knowledge authentic tax refund loans are only available through professional tax preparation services at the time you efile your tax return. After all, how else is a lender going to quickly verify that you are who you claim to be and that you provided valid and accurate information. This is a fraud protection measure. If you have already e-filed or filed a paper return you may want to consider this alternative… Loans Online up to $1500.

Now as far as who is offering tax refund loans, here is who and how to find them:

1) Review the loan offers you see on this page;

2) Run a search (I couldn’t possibly name them all) to find the local professional tax preparation companies nearby in your neighborhood, city or town – call them and ask the question. You are almost certain to find someone that makes refund anticipation loans in your area;

3) There two national companies that I know of have picked up the void left behind by H&R Block. Look for the Jackson Hewitt and/or Liberty Tax Service ad-links that you will probably find on this page. According to several Jackson Hewitt Tax Service representatives I check with, you will have to go into one of their offices and efile your return in order to apply for the tax refund loan. You cannot simply efile online and then go into an office asking for tax refund loans. Like H&R Block they are calling them RAL’s, short for “refund anticipation loans”. Although Jackson Hewitt and Liberty Tax Service have locations nationally, they are not on a street corner of every town or neighborhood in every state; but they want to be.

Tax Refund Advance

For more information on income tax refunds and tax refund advances see our section on Tax Refund Loans FAQ’s.

Tax Refund Advance Related Pages

Recent Tax Refund Advance FAQ’s

Recent & Related Refund and Income Tax Articles

Is A Tax Return Loan The Same As A Tax Refund Loan?

TaxMan — Wed, 09 Mar 2011 21:59:45 +0000

Well, in my opinion a tax return loan is something entirely different than a tax refund loan. You might call it semantics, but then I ask “What Do You Call A Loan To Cover Tax Owed To The IRS?” — for a payment due when you owe additional tax dollars.

So here is my take — A “Tax Return Loan” is when you get a loan to pay taxes you owe to the IRS.

A “Tax Refund Loan” — Is a refund anticipation loan (an advance on your own money) that you get from the public sector, a bank or other lending institution, when you borrow against your expected pending tax refund owed to you by the IRS. FYI… the IRS does not and cannot make Tax Refund Loans.

Tax Refund Advance

For more information on income tax refunds and tax refund advances see our section on Tax Refund Loans FAQ’s.

Tax Refund Advance Related Pages

Recent Tax Refund Advance FAQ’s

Recent & Related Refund and Income Tax Articles

Does IRS Take Money Out Of Your Tax For Rapid Refund?

TaxMan — Tue, 08 Mar 2011 21:36:05 +0000

A lot of interpretations exist on the meaning of various tax refund related terms and “Rapid Refund” is definitely one of them. Some taxpayers mix and equate a rapid refund with loans. The IRS does not make tax refund advance loans. It is my opinion that a rapid refund is obtained from the IRS when you file your tax return electronically (efile), as opposed to filling a paper return.

When you efile and request your refund, if any, to be delivered by direct deposit, it will enable you to receive your refund faster, a rapid refund, in about 8 to 14 days as opposed to up to several months with a paper return.

The IRS does not charge a fee to refund your overpayment of tax. However, the IRS will reduce or take all of a taxpayers expected tax refund to pay toward back-taxes and other lawful federal liabilities a taxpayer may owe.

According to the IRS This Is Why You Should Use Direct Deposit:
- You get your refund faster by direct deposit than you do by check.
- Payment is more secure. There is no check that can get lost or stolen.
- It is more convenient. You do not have to make a trip to the bank to deposit your check.
- It saves tax dollars because it costs the government less.

Tax Refund Advance

For more information on income tax refunds and tax refund advances see our section on Tax Refund Loans FAQ’s or visit any of the links below and in the sidebar to the right.

Tax Refund Advance Related Pages

Recent Tax Refund Advance FAQ’s

Recent & Related Refund and Income Tax Articles

Is There A Way To Get An Advance On My Tax Refund?

TaxMan — Mon, 07 Mar 2011 04:57:32 +0000

There is potentially good news for those wanting a tax refund advance loan against the IRS income tax refund they may be entitled to receive. Follow along and I will share how to go about getting a loan on your anticipated tax refund.

Let us cover a few of the basics and general requirements for obtaining a tax refund loan; those are:

If you have already filed your tax return you will probably not be able to get a tax refund advance loan. You should consider this best alternative; a cash advance from Loans Online. The reasons are covered in several other FAQ posts. You can find FAQ links at the bottom of this and other pages.
You will have to enlist the in office assistance of a local tax preparation service for an assisted return (AR) by a tax return preparation professional.
Your anticipated tax refund that you have coming must meet or exceed $2000.
The minimum and maximum loan amount is $1500 in your hand.

If you are still with me then your next step is to gather and organize your all your documents; receipts, W2′s, bank statements, drivers license, social security card, and all supporting documents for filing your tax return in the office of a local tax service.

What or which tax service firm should I contact, you ask? Good question! Well, it would not do you any good for me to list ones in my neck of the woods because they will all be too far away.

Here is what you do… Get on the phone and start calling your local tax service firms and ask if they offer the tax refund advance loans. If you have any large tax service chain stores nearby, start with them. When you find one, make an appointment or grab your docs and camp-out in their waiting area until it’s your turn. They will fill you in on all the details.

That’s it, good luck and many happy returns :)

Tax Refund Advance

For more information on income tax refunds and tax refund advances see our section on Tax Refund Loans FAQ’s.

Tax Refund Advance Related Pages

Recent Tax Refund Advance FAQ’s

Recent & Related Refund and Income Tax Articles

Can I Get A Tax Refund Advance or Tax Refund Loan Online?

TaxMan — Sun, 06 Mar 2011 22:56:47 +0000

When it comes to filing income tax returns and getting an advance on the anticipated refund, if any, from the IRS, the majority of Americans are lacking the necessary information they need.

Unless that is, they just happen to already be working with a tax service that offers tax refund loans to their clients.

Greatly adding to confusion and desperation for many taxpayers on a topic that is already entangled with controversy and poorly publicized information, the tax service company best known for providing the tax refund advance, or the refund anticipation loans (RAL) as they called them, is no longer offering these loans for 2011. This has left many of this firm’s taxpayer clients that have grown accustom to or dependent on getting tax refund loans scrambling to find a solution.

Changes in policy and attitude toward tax refund advance loans at the IRS for the tax year of 2011, consumer groups, as well as other government agencies, have further added to the difficulty borrowers are facing who look forward to taking-out loans against their pending refunds for 2011 and beyond. At one major bank that distributes tax refund advance loans through tax service firms has made dramatic revisions to their tax refund loan product offering as a result. These changes affect not only the ease by which taxpayers can qualify but also the maximum loan amount of the refund advance.

The major lenders / banks use the professional tax preparers at the tax service firms to assist in the screening and approval process of potential borrowers as an important step in reducing their risk and signing of loan contracts for tax refund loans. As of this writing I have not discovered a single company offering a true tax refund advance online.

The online offers I have found claiming to advance money against your tax refund have ended up being cash advance payday loans and lenders offering traditional and bad credit loans that do not fully rely on pending anticipated tax refunds as collateral and repayment. That is not to say it does not exist somewhere or by someone. But as far as I know the online loan process for tax refund loans has not yet been fully developed. So as for my answer to the question of whether or not you can get a real tax refund advance online, it would be – no.

Tax Refund Advance

For more information on income tax refunds and tax refund advances see our section on Tax Refund Loans FAQ’s.

Tax Refund Advance Related Pages

Recent Tax Refund Advance FAQ’s

Recent & Related Refund and Income Tax Articles

Will Anyone Loan Against A Pending IRS Refund Direct Deposit?

TaxMan — Sun, 06 Mar 2011 19:09:43 +0000

Oh boy, it appears that you want a tax refund advance loan after you have already filed your tax return.

The good news here is… at least you are anticipating a refund by direct deposit wire transfer into your bank account from the IRS. If you e-filed it won’t be long before you have your money anyway. If you snail mailed your paper return it may take up to several months.

Although loans on tax refunds are offered by various tax services and perhaps a hand-full of other firms, the actual source lenders of refund anticipation loans are, in most cases, banks and/or other large lending institutions that distribute the tax refund advance loan product through tax services. These source lenders use tax services to help screen potential borrowers as an important step in reducing their risk, assisting the borrower with loan contract details and making sure the contract is signed and executed correctly.

The odds for most of us being able to locate a tax service firm, or an individual for that matter, that loans their own money against anticipated tax refunds is akin to looking for a needle in a hay stack. And the odds for you and other like you are almost zero after you file your tax return. So the answer to “will anyone loan against a pending IRS direct deposit” is that it is highly unlikely. As far as I know, at this time, the loan you want, the tax refund advance, does not fall into the requirements of a widespread distributed commercial loan product.

Tax Refund Advance

For more information on income tax refunds and tax refund advances see our section on Tax Refund Loans FAQ’s.

Tax Refund Advance Related Pages

Recent Tax Refund Advance FAQ’s

Recent & Related Refund and Income Tax Articles

Can I Borrow Against Next Years Tax Return?

TaxMan — Sun, 06 Mar 2011 16:22:36 +0000

With the down-turn of our economy and escalating prices there are more people than ever looking to borrow against next years tax return; against their anticipated refund that is. Just about everyone is searching for ways to pull-in some extra cash in any way they can or from any asset they may have.

A tax refund advance is a very risky type of loan for any lender. By design this loan product is expected to be repaid within just a few weeks at the most. So unless this is late December or very near the end of your tax filing calendar year, I am sorry to inform you that you will not be able to borrow against next years tax return. Although, in today’s inventive world there may be slight chance, actually a very slight chance, that someone, somewhere, would be willing to make this loan… but it is highly unlikely.

Tax Refund Advance

For more information on income tax refunds and tax refund advances see our section on Tax Refund Loans FAQ’s.