INSTANT REFUND IS A MYTH
Each year some professional tax preparation companies offer instant refunds. The Instant Refund is a myth. These are called RAL’s. Tax Refund Anticipation Loans (RAL) are short-term cash advances against a customer's anticipated income tax refund. But the loans are offered at high interest rates, ranging from about 40% to over 700% APR. Also, they speed up the refund process by as little as one week, compared to what consumers can expect by filing online and having their refunds deposited directly into their banking accounts. There were over 12 million RAL borrowers in 2003.
Tax preparers and lenders strip about $1.57 billion in fees each year from the earned-income tax credits paid to working parents,
according to a 2005 study by the
National Consumer Law Center.
Do not fall for the Instant Refund. YACD each year operates tax clinics for citizens with an annual income of $50,000.00 or less and it is free. The 1040’s are electronically filed for FREE, and you can have the refund deposited in to three different account for FREE or receive a refund check for FREE in as little as 7-10 days. And did I mention that all of this is FREE.
We can also file back taxes for up to three years and it is FREE.
On January 19, 2009 (MLK Day) YACD is hosting a Free Tax Clinic located in the Hardy Center at 1743 Lakeview Avenue, Columbus, Ohio 43224. Check back in December 2008 for instructions on who to schedule an appointment. Do not give away any more money. Tax preparation is not a service you have to pay for. Remember tax preparation is FREE.
OHIO INDEPENDENT LIVING SUMMIT ON OUR OWN:
ENSURING SUCCESS FOR YOUTH
TRANSITIONING OUT OF CARE
Friday & Saturday, October 3-4, 2008
Columbus Renaissance Hotel
50 N. 3rd Street
Columbus, OH