It’s that time of year: holiday bills are arriving and you’re not sure you have the money to pay them. If you live on the east coast, you can add in unexpected snow removal costs. Where will you get the extra money? You might think that your tax refund is where you’ll get the money you need. That’s a good thought, but don’t sign up for an instant refund.
Some tax preparers or quick cash companies will tempt you with faster returns. They give you part of your tax refund ahead of time as a loan. Don’t do it! This is one of those money drains that isn’t worth the cost. All loans have fees and interest. With quick income tax return loans, the fees and rates can be outrageous. Let’s face it: companies who lend money are in the business of making money. It wouldn’t be worth their time and effort to give you a cheap loan. I strongly urge you to skip the quick cash and speed up the refund process with these three suggestions.
- If you are expecting a refund, then by all means get your taxes done and filed as soon as possible. The quicker you file, the quicker you get your money back.
- You can speed up the process by having your tax preparer file your tax returns electronically, which can save you the mail time.
- Have the refund direct deposited to your bank account and again save the mail time.
If you do these three things, you can have your refund back in your hands in weeks. Then you will have the money you need and keep more of it in your pocket.