2007-12-31 15:13:40 · 4 answers · asked by Lisa 1 in Business & Finance ➔ Taxes ➔ United States
The IRS has never done next-day refunds. When you get money instantly, or in 24-48 hours, you are getting a loan. It is your choice to do this, although it can be expensive in some cases.
This year, most of the tax preparers who offered the service in the past will be offering it again. It is called a Refund Anticipation Loan, and can be useful for those who need money quickly, or those who don't have bank accounts and can't use the direct deposit option. The fees (at least where I work) are going to be much lower this year, which is great. But keep in mind that you do pay interest and fees on this loan, as you would any other loan. If you don't need the money quickly, it is in your best interest to use the direct deposit option, even if you use one of the debit card options that the tax services offer at no additional charge (if they're charging, it might not be in your best interest - watch the fees!).
If you DO need the money quickly, it might be time to talk to your tax professional about budgeting and saving. Some firms can set up a savings account for you with as little as $300 of your refund. This can be helpful for when you get stuck, and keep you out of expensive lending options.
Good luck, and have a Blessed New Year!
2008-01-01 02:00:36 · answer #1 · answered by Katie Short, Atheati Princess 6 · 0⤊ 0⤋
Your tax prep place may be able to get you your money the day after you file, by your taking out a loan against your refund.
Be sure to review the terms of this loan, and ask questions. The rates differ from place to place, but some are not near as high as stated in other answers. Some of the big tax firms are very competitive (36% APR).
2008-01-01 00:26:24 · answer #2 · answered by ninasgramma 7 · 1⤊ 0⤋
The IRS never did "next day" refunds. The best you can get from the IRS is about 10 - 14 days if you e-file and have your refund deposited directly to your bank account.
Many of the tax prep mills will arrange a loan against your refund for a rip-off fee, as high as 2500% APR, if your stupid enough to bite on that. That gets you your money about a week faster.
2007-12-31 23:37:50 · answer #3 · answered by Bostonian In MO 7 · 0⤊ 1⤋
The IRS never did next day returns.
You must be talking about the rapid refunds from the rip off places that charge exhorbinate rates of interest.
They still exist, but using just your last pay stub probably won't work wnywhere.
2007-12-31 23:18:24 · answer #4 · answered by RANDALL M 3 · 2⤊ 1⤋