Tuesday, April 2, 2024

Where Can I Get Tax Refund Advance

Don't Miss

Here’s How To Get Your 2022 Tax Refund Early

Where Can I Get a Tax Refund Loan?

CBS Essentials is created independently from the CBS News staff. We may receive commissions from some links to products on this page. Promotions are subject to availability and retailer terms.

If you want to get your federal tax refund as soon as possible, then the basic advice is this: File as soon as possible file online, perhaps via the IRS-backed IRS Free File or a commercial service like TurboTax or H& R Block and, when filing online, request your refund be sent to your bank or designated online account via direct deposit. Filing an error-free return is important, too.

Follow this formula, and the IRS says, even in this age of the pandemic-related backlog, most taxpayers will receive their refunds within 21 days.

But what if you want your refund sooner than soon? What if you need it now?

The tax-refund advance is a short-term loan that gets you what’s owed to you , sometimes as soon as the day you file. The loans are backed by your expected refund, and are usually repaid by your eventual IRS refund.

If sitting tight for up to 21 days is impossible this year, or if you’re worried about the IRS not hitting its deadline , then here’s a look at the refund-advance loans offered by some of the biggest commercial tax-prep services: H& R Block and Jackson Hewitt. Both are billed as no-fee, 0% APR, or annual percentage rate, loans.

Youve Filed Your Federal Income Taxes Now Its Time To Wait For Your Refund From The Irs But That Could Take Some Time If Youre Looking To Get Your Refund Money Quickly You Might Consider A Loan Against Your Tax Refund

If you prepared your tax return through a tax-preparation service and youre expecting a refund, you may be able to apply for a short-term loan against your anticipated federal income-tax refund. But taking a loan against your anticipated refund may have costs associated with it, as well as the risk that your refund wont be as much as you expected.

Lets take a look at how these refund-advance loans work, examine some of the pros and cons of a loan against your tax refund, and explore some possible alternatives.

How Do I Choose The Best Tax Advance

To get the best tax advance first you want a site that offers a simple and fast application that comes with an instant decision and can get you the funds you need by the next business day with a competitive rate. Also one that charges no application fee. Finally only borrow what you need and can afford to pay back.

You May Like: Ct Tsc Ind

Where Can I Get A Tax Refund Loan

Many tax preparation companiesincluding H& R Block, Jackson Hewitt and Liberty Taxlet their customers borrow against an upcoming U.S. tax refund. While these companies have many brick-and-mortar locations, they also have an online presence, so you can apply for a loan in person or online.

If you prepare your own taxes, you don’t have to go to a tax preparer to get a tax refund loan. Online tax filing services, including TurboTax and TaxAct, also offer refund loan options.

Alternatives To Paid Tax Prep Services

Refund Advance

Low-income taxpayers can get their taxes prepared for free. The services available include:

  • The IRSs Free File Service is available to all taxpayers whose 2021 individual or family income was $73,000 or less. The IRS free file program lets you choose software from any of 8 tax preparation software publishers, including TaxAct, FreeTaxUSA, and 1040Now.
  • The IRSs Volunteer Income Tax Assistance program can be used by taxpayers with incomes of $58,000 or less, taxpayers with disabilities, and those who speak limited English. If you qualify for the program, youll get free basic income tax return preparation from an IRS-certified volunteer.
  • The IRSs Tax Counseling for the Elderly program uses IRS-certified volunteers who specialize in tax matters related to pensions and retirement issues. There is no age requirement, but the program is generally intended for those who are 60 or older.

You May Like: How To Do Taxes Doordash

Can You Get A Tax Advance Loan With Bad Credit

Yes! Even if you have less than perfect credit or no credit you still can apply for a tax advance. Our lenders do not do traditional hard inquiry credit checks and there is no collateral required. As long as you have not recently defaulted on any current loans and you have not missed payments you stand a good chance on being approved.

Tax Refund Cash Advance Emergency Loans: If You Need Fast Cash In A Larger Amount Then This Can Be A Great Option When You Cannot Wait On Your Refund

Tax Refund Advances for The Unexpected

Things happen all the time like car repairs, home renovation, and medical. Most of the time we are caught between paydays. If this sounds like you and you have a tax refund due then apply now for a tax refund advance loan to take care of those unexpected expenses.

Recommended Reading: Doordash Pay Calculator

Tax Advance For 2022 Made Easy

With everything going on right now and the government saying there are going to be delays in getting your tax refund this year you are going to need another option. With TaxAvancesNow.com you can get tax advances fast just by applying online and getting approved.

The application is easy to fill out an only takes a few minutes. Once you submit your online tax advance application to our network you will get an instant tax advance decision in under 90 seconds. If you are approved simply agree to the rate and terms of the loan by using your electronic signature and returning the signed loan documents back to the lender.

Once received the lender will release the funds by direct deposit and the money will be ready to use by the next business day.

Ready to get started? Income tax advance lenders are online 24 hours a day ready to accept your application. Click the button below to get started.

How Does The Turbotax Refund Advance Work

TaxSlayer Commercial “Refund Advance” | E-file Taxes

If you file your taxes with TurboTax and expect a federal refund you will have the option to apply for a Tax Refund Advance Loan when you select your refund method. This loan comes with $0 loan fees and %0 APR.

The TurboTax Refund Advance for 2022 is available in amounts of $250, $500, $750, $1,000, $1,500, $2,000, $2,500, $3,000, $3,500, and $4,000. Most taxpayers receive their money within 1-2 hours of IRS e-file acceptance.

Unlike other refund advance programs, TurboTax Refund Advance has no hidden fees. There are no loan or interest fees to pay. Funds can be spent at any business where Visa is accepted. Furthermore, your credit score will not be influenced if you decide on a tax refund advance as your refund option of choice.

Read Also: How To Pay Taxes Doordash

Risks Of Tax Refund Loans

The main concern with a tax refund loan is the cost. Make sure that you understand all of the costs associated with the loan. For example, you may need to pay penalties if your IRS refund doesnt arrive within a certain amount of time. The last thing you want is for the loan to go delinquent. This will lead to interest and an even higher cost for you.

Another concern is that you receive a lower refund than you anticipate. In that case, you will have borrowed more than you got from the IRS and you will need to come up with the money to pay off the loan. That doesnt include any extra fees and interest. You can estimate your refund with SmartAssets free tax refund calculator.

Sometimes the IRS will also take longer than usual to process your refund. That could be due to an error in your return or because the IRS simply has a lot of returns to process .

Getting An Advance Is Easy

Use our Tax Pro Directory to find a tax professional offering Fast Cash Advance. Once a qualified Tax Pro prepares your tax return and you’re expecting a refund, applying for an advance is easy.

Visit a local tax professional offering Fast Cash Advance during tax time

Request Fast Cash Advance when your tax return is prepared

Advances are issued when the IRS acknowledgment is received

If you choose GO2bank, you will be notified when your money is ready

Also Check: What Can I Write Off On My Taxes For Instacart

Income Tax Advances Or Its Lenders Do Not File Your Taxes For You Do Not Receive Your Tax Refund Directly And Do Not Request Copies Of Your Tax Returns

A tax advance loan is based on your actual refund so there is no credit check and no upfront fees to pay. And if youre approved , your loan amount, minus any applicable fees, will be deducted automatically and any remainder of your refund will be deposited onto a prepaid visa card. A tax advance instant tax loan is not your actual refund.

Turbotaxs Tax Prepaid Visa Card

Refund Advance

TurboTax offers all of its online filers the option to receive their refund on a Turbo Prepaid Visa Card. Filers who want an advance on their refund can opt to receive a Turbo Prepaid Visa Card with cash advance. You simply choose the cash advance option when you e-file your taxes and then fill out a loan application.

If approved, you will receive a cash advance in the amount of $250, $500, $750, $1,000, $1,500, $2,000, $2,500, $3,000, $3,500 or $4,000. There is no interest and there are no loan fees. After the IRS accepts your return and after your loan application gets approved, you will receive your prepaid card, in the mail, in 5-10 business days. Its worth mentioning that the majority of e-filers will receive a refund from the IRS in just 14 to 21 days, so you might not get the refund advance much faster than you would have received your refund.

Don’t Miss: Efstatus.taxact

Why Should You Consider A Tax Refund Advance Loan

A tax refund advance loan can be helpful for taxpayers in the following situations:

  • You expect a substantial refund.
  • You dont owe back taxes, child support, or have defaulted student loans.
  • You need the money right away to cover immediate expenses.
  • You work with a tax preparer that doesnt charge interest or fees for an RAL.

For example, if you have unpaid rent, utilities, or other bills, an RAL could help you save money and avoid eviction, having your utilities shut off, or being charged additional fees and penalties.

But if you dont need the money immediately, you could save money by taking advantage of a free tax filing option, e-filing your return, and having your refund deposited directly into your bank account. The IRS says it issues more than 90% of tax refunds in less than 21 days and that using e-file and direct deposit is the fastest way to receive your refund.

If your adjusted gross income is $73,000 or less, you may qualify for free guided tax preparation via IRS Free File. You may also be able to get free tax preparation assistance from trained volunteers via the IRSs Volunteer Income Tax Assistance or Tax Counseling for the Elderly programs. Visit the VITA/TCE Locator page to find a location near you and make an appointment.

Learning About Tax Refund Cash Advance Emergency Loans

Now that you have your taxes filed, learning about tax refund anticipation loans that can offer same-day cash deposits directly into your bank account, and how these can help you during a financial emergency is our next step. Apply for refund anticipation loans online using our simple application online, which only takes minutes to complete to get a tax return cash advance.

You dont need to worry about your financial information being stolen, as our tax loans site is secured, and we have a team that is dedicated to making sure your information is safe when you apply for tax refund cash advance emergency loans.

Before applying for a tax return advance we also recommend you check out our Get Started section, as well as our Rates & Fees section. These will help educate you more about tax return loans, and all fees included. In addition, we have detailed questions and answers on this page, we recommend also checking out our Complete Guide to Savings & Investing, The Secrets to Long Term Financial Success, and Things to Know When Getting a Loan Online in our Financial Education Section !

Finally, we have many other dedicated educational articles found in our Education section, that can help you with any additional questions you might have about emergency tax refund anticipation cash advances & being financially responsible!

Also Check: How To Find A Companys Ein

Fees Will Reduce Your Refund

The cost of a tax refund advance will vary based on the tax preparation service you use. But no matter the company, the fees for taking out the loan, as well as the cost of the tax prep, will be deducted from your refund. Not to mention, many tax preparers are quite skilled at getting consumers to agree to add-on services, such as audit protection, that can further reduce the amount you end up with.

Tax Refund Advances At Check City

Tax refund advances

At Check City, you can take care of all your tax service needs without having to schedule an appointment in advance. Just visit any of our stores with the documents you need and our friendly tax preparers will help you file your taxes on time this year.

If you want, you can also apply for a refund loan from Check City and get your tax refund money sooner.

Recommended Reading: Doordash Quarterly Taxes

Have Questions Or Need Help Choosing

Call the TaxAct Professional Sales Team at 319.536.3571 or . They are available weekdays between 8am and 5pm CT.

¹ERO must be enrolled for Republic Banks Refund Transfer Program to offer the Easy Advance programs. Cost to ERO per approved Easy Advance, if any, will be deducted from ERO tax preparation fees and cannot be passed to the taxpayer. If a customer does not choose a Refund Transfer, disbursement options are direct deposit or prepaid card. Net Refund refers to the taxpayers expected refund amount after deduction of all fees.

ERO must be enrolled for TPGs Refund Transfer Program to offer the Fast Cash Advance program. Cost to ERO per approved Fast Cash Advance, if any, will be deducted from ERO tax preparation fees and cannot be passed to the taxpayer. If a customer does not choose a Refund Transfer, disbursement options are direct deposit or prepaid card. Net Refund refers to the taxpayers expected refund amount after deduction of all fees.

Check Your Return For Mistakes Before You File

One of the biggest roadblocks to a fast tax refund comes into play when you make errors on your return, and when you actually submit it that way.

Joshua Zimmelman of Westwood Tax & Consulting underscores how important it is to double and triple check your return before you hit the “submit” button.

“Make sure that all of the information youve provided on your return is completely accurate and nothing is missing,” he says. “That goes for everything from your total income to your current address.’

Zimmelman says that any error, no matter how small, could lead to a time-consuming manual review or even an audit.

Recommended Reading: Do I Have To Report Plasma Donations On Taxes

Liberty Tax Easy Advance

Deadline to apply: Feb. 28 at participating locations.

Amount of the advance: In loan amounts of $500, $800, 1,300 $2,500, $3,000, $4,750 and $6,250, depending on your eligibility. A finance charge as high as 35.77 percent is charged on Easy Advances of $2,500 or more.

How it works: Have your tax return prepared at a Liberty Tax location. Your advance will arrive within 24 hours after your return has been accepted by the IRS . Funds can be loaded onto a NetSpend Liberty Tax Prepaid Mastercard or direct deposited into an existing account.

Prepaid card details: NetSpend Liberty Tax Prepaid Mastercard has a variety of fees, including $2.50 per ATM withdrawal.

What If I Have Less Than Perfect Credit

Cash Advance, tax refund advance loan

A lot of people search online for tax refund advance for bad credit and still have trouble finding a lender. The good news is our lenders do not do traditional hard inquiry credit checks. This means you do not need a credit score to apply. This makes it easier to get approved for an income tax loan now.

Also Check: Is Plasma Donation Taxable Income

Tax Advance Instant Tax Loan

Fast, safe, and secure refund anticipation loan via direct deposit to a checking, savings, or prepaid account. A tax advance loan is based on your actual refund so there is no credit check and no upfront fees to pay. All tax advances are $1,200 less tax preparation fees and $0 finance fee even if your actual IRS refund is delayed. A Tax Advance Instant Tax Loan is not your actual refund. Tax Preparation fees apply and are non-refundable.

Taxadvance.com reserves the right to reject a tax loan application except for on the basis of race, color, religion, national origin, sex, marital status, or age to the fact that all or part of the applicants income derives from a public assistance program or to the fact that the applicant has in good faith exercised any right under the Consumer Credit Protection Act. Please be responsible and consider all refund options prior to applying for a refund anticipation loan.

RAC , AR , and ERD are tax-related products that allow tax preparation fees deducted from YOUR refund upon completion of services and the balance of the refund disbursed to you by check, direct deposit or a prepaid card. Dont be misled by fancy marketing names because none of these tax-related products speed up your tax refund deposit time. According to the IRS your actual tax refund will be processed within 8-21 days.

More articles

Popular Articles

How Much To File Taxes