4.) Stay Away From Rapid Refunds!
Show of hands, how many of y’all like giving away $500 of your hard earned money?
That pretty much sums up signing up for a rapid refund or refund anticipation loan.
These loans work by advancing you your refund from the IRS minus the fee that they charge you and the fee is often at least $300 and up. The reason that many busisnesses do this is because 1. they know folk are eager to get their refunds this time of year and 2. it’s easy money. Even though they’re loaning you the money, it’s virtually a guarantee that they’ll get the refund back from the IRS to cover it.
And guess how long these places have to wait for the money to come back from the IRS. A whopping 8-15 days on average. That’s like me loaning you 10 dollars today and getting 15 dollars from your mom next week.
Keep all of your money by either preparing your return yourself or if you have to go the H & R Block route, opt for the cheapest service that they have to offer. You’ll still get that same refund, provided it’s filed electronically, in only 8-15 days.
