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Any business that loans you money on your refund are doing refund anticipation loans (RALs), universally denounced as one of the worst things anyone can do financially.
The business gives you a loan based on your anticipated refund...at a massively high interest rate (especially considering they are lending you your own money) and then, as part of the agreement, require they file your return for you (when all the paperwork is available) at probably 5 or 6 times the fee they would normally charge (and that to file a return that can be done for free on line anyway).
H&R Block was sued by several states and paid a huge penalty...and basically is forbidden from doing this type of business anymore. However, they changed it around a little and essentially still do.
If you're having too much income withheld, that is what needs to be corrected (and could have been at anytime during the year) by contacting your payroll dept and filing a new W-4 with them.
The below is from an independent source:
"According to the Consumer Federation of America and the National Consumer Law Center, RALs are controversial because, like payday loans and title loans, RALs are high-profit, low-risk loans marketed toward the working poor. A 2006 study by the NCLC and the Consumer Federation of America found that "Based upon the prices for RALs in 2006, a consumer can expect to pay about $100 in order to get a RAL for the average refund of about $2,150 from a commercial tax preparation chain this year."
For more information, see Related Links, below.
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How can you borrow againt my income tax?
can i borrow against my income tax. i heard some people got an advance from their income tax last week. all they had to do was present their last paycheck. i have my taxes done by hr block every year
When married but separated can married filing jointly be the filing status?
IF you are NOT LEGALLY separated in the state that you are a a resident of on the last day of the year. Your filing status would be married filing joint or on a separate 1040 federal income tax return MARRIED FILING SEPARATE.
Last date for submitting income tax return for 2010-2011?
31 July 2010 The last date for filing Income Tax Returns for 2010-11, assessment year 2011-12 is 31 July 2011.
What is the order by which individuals have their federal income tax collected?
First Step Paycheck Withholding Tax Return Filling Tax Payment or Refund LAst Step <APEX>
What happens if you don't have your last paycheck stud to use for your tax filing?
Stud? lol You will get a W-2 form from that employer. That is what you have to have... not just your last pay stub. Call and ask if they have it or if thy have mailed it. They use your last know mailing address. So, if you have moved, it may be lost.
Your employer is filing bankruptcy can they file your last paycheck on it?
check with your state's dept of labor...augusta, ga
How can you borrow againt my income tax?
can i borrow against my income tax. i heard some people got an advance from their income tax last week. all they had to do was present their last paycheck. i have my taxes done by hr block every year
What is the last date of filing income tax returns for individuals and AOP in Pakistan?
31/08/2012
Free Income Tax Filing?
By going online, the IRS offers you free income tax filing. You must have your W-2 and other forms available. From your tax rate last year, you calculate your adjusted gross income. If your AGI is $58,000 or less, you can use the free file tax software offered by the IRS. Transmitting your form to the IRS in the electronic manner may not only save paperwork, but it may also get your refund to you in a quick manner. If you owe the IRS money, there are many electronic ways you can use to pay them.
When married but separated can married filing jointly be the filing status?
IF you are NOT LEGALLY separated in the state that you are a a resident of on the last day of the year. Your filing status would be married filing joint or on a separate 1040 federal income tax return MARRIED FILING SEPARATE.
Benefits of Free Income Tax Software?
It's that time of year where you make note of last year's earnings and expenditures to prepare them in order to file income taxes. You could always have your taxes filed by a tax accountant but that costs money and you can easily do it yourself with free income tax software such as that from TurboTax. This way, the only thing spent is time and you have control over your filing.
If fica is not taken out on your paycheck does it keep you from applying for unemployment?
You can apply and if you worked at any other job in the last year that did pay fica you can draw on that income.
Income tax after a divorce. Joint or separate filing?
If you are legally separated or legally divorced on the last day of the year, you should file as single or head of household. You should NOT file as Married Filing Jointly or Married Filing Separately.
Last date for submitting income tax return for 2010-2011?
31 July 2010 The last date for filing Income Tax Returns for 2010-11, assessment year 2011-12 is 31 July 2011.
What is the order by which individuals have their federal income tax collected?
First Step Paycheck Withholding Tax Return Filling Tax Payment or Refund LAst Step <APEX>
What happens if you don't have your last paycheck stud to use for your tax filing?
Stud? lol You will get a W-2 form from that employer. That is what you have to have... not just your last pay stub. Call and ask if they have it or if thy have mailed it. They use your last know mailing address. So, if you have moved, it may be lost.
If I'm filing online and don't have Adjusted Gross Income for last year because I just started working in January 2008 do I just put 0 where it asks me for last year's AGI?
Yes. If this is the first time that you're filing a tax return and you had no income, etc., for the previous year, then your adjusted gross income (AGI) would be 0. AGI is the amount of your income after any adjustments (such as IRA deduction, tuition/fees or student loan interest deductions, etc.) have been subtracted from your gross income.
