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Tax Tip! TaxBreak 2008 from wchstv.com
Smart Ideas To Save You Time and Money on your Taxes

Refund anticipation loans

Some taxpayers are so anxious to get their income tax refunds that they wind up paying an unnecessarily high price to get their money.

While the popularity of Refund Anticipation Loans has dropped in recent years, millions of people are still getting them.

The fact is, consumers are well advised to be patient and wait for their money, rather than pay the high rates of interest and fees associated with these loans.

According to the Consumer Federation of America, the effective annual interest rate for a Refund Anticipation Loan can range from 50 percent to nearly 500 percent, when fees are included. Those are rates that would make the mob envious.

And they are often provided by otherwise legitimate firms.

For most taxpayers, collecting their refund requires two simple steps. One is to file electronically, and the other is to have the refund sent through direct deposit directly to their bank. In many cases, such a refund can be turned around in as little as 8 to 15 days. Ironically, that's typically the length of time it takes with a costly Refund Anticipation Loan.


More TaxBreak 2008
Get More Tax Tips You Can Use!


Common Tax Forms you can download as Adobe Acrobat (PDF) forms. The complete list of tax forms is available at www.irs.gov You can download a free Adobe Acrobat reader from Adobe

Form W-4 Employee's Withholding
Form 1040EZ Income Tax Return for Single and Joint Filers With No Dependents
Instructions for 1040EZ Instructions
Form 1040 U.S. Individual Income Tax Return
Instructions for 1040 (Tax Tables) Tax Table and Tax Rate Schedules
Instructions for 1040 (General Inst.) Instructions for Form 1040
Form 1040 (Schedule A&B) Itemized Deductions and Interest & Dividend Income
Instructions for 1040 (Schedule A&B) Instructions
Form 1040 (Schedule C) Profit or Loss from Business (Sole Proprietorship)
Instructions for 1040 (Schedule C) Instructions
Form 1040 (Schedule C-EZ) Net Profit from Business (Sole Proprietorship)
Form 1040 (Schedule D) Capital Gains and Losses
Instructions for 1040 (Schedule D) Instructions
Form 1040 (Schedule D-1) Continuation Sheet for Schedule D (Form 1040)
Form 1040 (Schedule E) Supplemental Income and Loss
Instructions for 1040 (Schedule E) Instructions
Form 1040 (Schedule EIC) Earned Income Credit
Form 1040 (Schedule F) Profit or Loss From Farming
Instructions for 1040 (Schedule F) Instructions
Form 1040 (Schedule H) Household Employment Taxes
Instructions for 1040 (Schedule H) Instructions
Form 1040 (Schedule J) Farm Income Averaging
Instructions for 1040 (Schedule J) Instructions
Form 1040 (Schedule R) Credit for the Elderly or the Disabled
Instructions for 1040 (Schedule R) Instructions
Form 1040 (Schedule SE) Self-Employment Tax
Instructions for 1040 (schedule SE) Instructions
Form 1040A U.S. Individual Income Tax Return
Instructions for 1040A Instructions
Form 1040A (Schedule 1) Interest and Ordinary Dividends for Form 1040A Filers
Form 1040A (Schedule 2) Child and Dependent Care Expenses for Form 1040A Filers
Form 1040A (Schedule 3) Credit for the Elderly or the Disabled for Form 1040A Filers
Instructions for 1040A (Schedule 3) Instructions
0696 Form 8332 Release of Claim to Exemption for Child of Divorced or Separated Parents


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