Posted by: Bigger Than Your Block | January 21, 2010

No Same Day Tax Refunds

Every tax season I see ads suggesting that getting a same day refund is an awesome way to start off the tax season. Nothing could be further from the truth.

Same day tax refund are loans.
Let’s be clear. The reason that tax preparers are so anxious to “help” you get your tax refund the same day because 1) you are taking out a loan with a very high interest rate and 2) they get a piece of that loan. Don’t be fooled by all the marketing and smiles of the people trying to sell you on same day tax refunds. There is no reason you need to spend money to get the money the government has used interest free all year. It doesn’t make sense if you say it out loud, “I’m going to pay ___(insert company name)____ $_(insert fee amount)____ to get the money that the government owes me”.

Filing electronically is safe, fast, and may be free.
Find out if you are able to have your tax return prepared for free. If you’re filing a 1040EZ or 1040 it’s entirely possible that you can have someone help you file electronically and have your refund deposited directly into your credit union or bank account. Your money will be deposited quickly, safely, and in full. Why waste upwards of $50 of your hard earned money to get your refund a week or two early?

I should start printing up shirts:

About these ads

Responses

  1. I love the idea about the shirts! We need more “anti-debt” marketing! Keep up the good work!

    http://alliance.beatingdebt.org/about/

  2. We can purchase our “anti-debt” outerwear with credit cards, yay!

  3. [...] It’s imperative that we: Start planning ahead Figure out our net worth Monitor our credit scores and understand why they matter Show that we respect ourselves by making good money choices Make a spending plan Don’t use quick cash services [...]


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