tax refund advance?

Answer 1

Some people get in trouble with these tax refund advances. If you have your W2's and file your taxes, the advance is not that bad. You will pay a fee. But if you are taking a tax refund advance on your estimated tax refund, WATCH OUT. Some of these advances go up to 300% if you have to pay them back a difference. Consider them like PayDay loans.

Answer 2

This is what happens when people try to answer questions on subjects they know nothing about.

I work for H&R Block. We started doing the IMAL (instant money advance loans) this year. Here are the FACTS:

You can take in your most recent paystub along with any final paystubs from jobs you may have left during the year. You will also need to take in any social security cards for your dependents. If you have a copy of last year's return, that is helpful, too. A REAL tax preparer will estimate your 2007 refund and then submit it to the bank for approval. You can get up to $1500 which will currently cost you approximately $85 in finance charges. H&R Block is not charging anything to do this, so if you are not approved, it does not cost you anything.

The finance charge is based on 36% (the bank set that, not us) but is only charged from the day you apply to Feb 19, the date the loan is due to be repaid. If you wait until Dec 27 (in some areas, Jan 2 in others), you can get up to $2500. The interest rate is the same.

You are not required to return to H&R Block for the tax preparation when you get your W2's but if you don't, you have to call the bank to make arrangements to pay it back by Feb 19. If you do return to H&R Block and file by Feb 19, the loan will be taken out of the refund and you will never even hear from the bank.

Some people are not fortunate enough to be able to have enough money to pay bills and get Christmas for their families. I guarantee, this is better than the pay-day loans. The reason we didn't do it last year like our competitors is because they were and still are) charging a fee to get the loan (which you have to pay even if you are declined) and we felt that if we couldn't offer the product without double charging our clients, then we wouldn't do it at all. H&R Block is paying to have offices open and paying wages to the preparers, and absorbing the costs.

These are the facts. If you need the money, give it a try. It's not that much if you really need it.

Good luck,
Diane

Answer 3

h&r block gives a advance up to $500 of your anticipated refund. Now, they also charge well over $300 to do this. Its up to you what you want to do.

Me, i wait till i get the W2 and then go and get a Professional accountant to do it, cost me $5-$50 per form, which i get more back than a h&r block person would have found for me.

Answer 4

to expand on bata's answer, and they won't even use Vaseline. If you file electronically, have the refund direct deposited in your checking/savings account. You should have the money in about 2 weeks at the latest.

Answer 5

i would love to give you advice but i would need to know the state that you live, in the county, your deductions on your income, your income, so many things to be defined. if you have a home, kids, a dual income (spouse), medical bills, the gamot can go large,
seek a pro, and keep records of everything.

Answer 6

The short answer: Don't do it - you'll get screwed