This time of year I am sure many of you have heard or seen information concerning the availability of “refund anticipation loans”. One national tax preparation chain has people standing outside in the cold dressed like the Statute of Liberty holding signs advertising these loans. Should you apply of one? The short answer is no. The current Internal Revenue Code authorizes Refund Anticipation Loans. It is simply a loan secured by your expected tax refund. The tax preparation service gets your refund and you get the pleasure of having your money a few days earlier and paying dearly for the
Refund anticipation loans; a high cost solution to a short-term problem.
Written by on 02/14/2012 , tax
