Upon the creation of the computer age and rapid deployment of the internet, for a government agency the IRS (Internal Revenue Service) has been fairly responsive and agile in providing taxpayers with benefits of electronic filing (e-filing) of tax returns. Today federal tax returns are able to be filed much much more rapidly, refunds are made faster, and money in the form of tax liabilities due the IRS can be collected much faster. Further down in this article we will take brief look look and review a few of the different tax return filing options and what each one may provide individual taxpayers; tax refund loans.
Magical Words that every taxpayer loves to hear… you are receiving an income tax refund. For a great many of lower income individual taxpayers with large families and deductions, fairly large federal tax refunds can be attained through the Earned Income Credit. Other refunds include overpayment of federal income taxes throughout the year or from previous years. Once you calculate that you are actually owed a refund, there are a few options for actually getting your tax money back from the IRS. Some of the choices and terms used for retrieving refunds back from the IRS include, traditional paper filing and a mailed check, electronic filing with direct deposit, rapid refunds in the form of preloaded debit cards, and tax refund loans. For many individuals that are anticipating a refund, the “tax refund loan” in combination with e-filing is the refund of method of choice. When combined with efiling, no other refund option will put your cash back into your hands more rapidly than tax refund loans.
Standard Paper Filing
Although many taxpayers are more familiar with this method of filing, it is rapidly reaching obsolescence. There will soon come a time that the old system of filing a hard paper copy of your tax return with your actual signature will be entirely eliminated and replaced by the efiling method.
Repaid Refunds And E-Filing Of Tax Returns
E-Filing or (electronic filing) of federal tax returns is the latest and greatest method of filling. Although efiling is relatively new and still in it’s infancy compared to traditional paper returns, electronic filing already is already providing huge benefits to both taxpayers and to the IRS in an incredible number of ways today. Just to mention a few of the benefits, they include: convenience, accuracy, flexibility of processes, cost savings, computer guided filing assistance, tracking and status, and the speed at which the IRS can collect tax revenues and refund overpayments back to taxpayers. Currently there are no IRS fees attached to the electronic type of filing. Returns may be filed for free through many local public access facilities, with tax service companies both in person and online, and you can also prepare and efile your own return.
When you file for your refund using the electronic method you can receive your refund as quickly as 10-21 days. This is about one-half of the time of the paper return, about 3 to 6 weeks. Above I mentioned efiling provided flexibility. Well when it comes to getting your refund money back from the IRS, when you e-file you will not only receive your refund more quickly but you will have flexible options for how you will receive it. Of course at this time you can still have it snail-mailed, but other modern and flexible options are now available, some can put cash in your hands as quickly as about 24 hours.
Tax Refund Loans
Electronic filing has introduced financial options for collecting your overpayment like; rapid refunds, direct deposit of tax refunds into your bank account, debit cards, splitting of refund proceeds, and tax refund loans. Yes, loans! Loans are the fastest way to get your anticipated refund money back into your hands.
The tax refund loan has rapidly become popular because it is so much faster than the six weeks it used to take. Refund loans are the closest thing to an instant refund. However, the refund loans are a little different than other methods of getting back your pending refund. You will be required to pay a loan fee, interest and/or administration costs for to obtain a refund anticipation loan. There are some requirement and restrictions placed on receiving a refund anticipation loan, and some of the restrictions may affect many people.
Lenders offering personal loans and payday cash advances often promote under the category of tax refund loans, tax refund advances, and refund tax anticipation loans. But rarely if at all to they actually offer to provide a genuine tax refund loan. Instead, they offer one flavor or another of a personal loan as an alternative.
In the majority if not all cases, genuine tax refund loans are only available through professional tax service providers. They must be administered by a tax professional. The source of funds is usually through an established coalition with a financial institution that provides these types of loans. There are numerous tax preparation service choices available nationally with qualified tax professionals to assist you complete your tax return that can also offer to provide your refund immediately in the form of a tax refund loan. Review the various offers you find on this and other pages of TaxRefundLoans2.com to locate a tax service company that also administers tax refund loans.
There is little doubt that the topic of income tax refund loans can be alluring. If you still have unanswered questions about income tax refunds, you may find what you’re looking for in our article directory at www.TaxRefundLoans2.com.