| If the recession has hit you hard and you are anxiously | | | | loan could last months or longer and you are now |
| awaiting your tax refund, you are not alone. Many | | | | responsible for paying back the entire loan at a high |
| people are asking: "When will I receive my IRS | | | | interest rate. This can turn out to be very expensive. |
| refund?" And "where can you borrow money on your | | | | A little planning a head can keep you from being |
| tax return?" But even if you need the money right | | | | tempted to look for where can you borrow money on |
| away, it might not be worth the price. You may be | | | | your tax return. There are specific things you can do |
| better off in the long run waiting a couple extra weeks. | | | | to keep yourself from anxiously asking, "When will I |
| Short term loans, also called "instant refund loans," or | | | | receive my IRS refund" and being tempted to risk the |
| "refund anticipation loans," cost Americans over $900 | | | | high fees and interest just to get your money a few |
| million dollars in fees last year. More than 12 million of us | | | | days earlier. |
| were willing to pay outrageously high fees and | | | | 3 Actions To Take For Next Year |
| percentage rates just to get our refund money a few | | | | 1. Reduce your tax withholding for next year. |
| days sooner. | | | | 2. File as soon as you receive your W-2, using |
| 3 Reasons Not To Even Ask Where Can You | | | | electronic filing, and direct deposit. |
| Borrow Money On Your Tax Return | | | | 3. Change your financial circumstances. |
| 1. Large Fees: With initial loan fees, tax prep fees, and | | | | Perhaps this could be your year to invest in yourself |
| electronic filing fees your average $2000 refund is | | | | and your financial future by earning extra money in |
| being reduced by as much as $300 or more just to | | | | your own online business. Many online businesses have |
| start the filing and loan process. Many who anxiously | | | | a low start up cost. Make sure you learn how to |
| ask, "When will I receive my IRS refund" and look for a | | | | market that business so it makes money instead of |
| tax refund loan are setting themselves up to pay out in | | | | loses money. To really make it succeed you should |
| fees. | | | | consider enrolling in an online marketing and mentoring |
| 2. Outrageous APR: To be able to receive the loan on | | | | program. Taking small steps to change your |
| your money, you will have to pay an annual | | | | circumstances can go along way to making a big |
| percentage rate of anywhere from 222.5% to more | | | | change in your financial future. Starting an online |
| than 2000%. Not many of us would accept those | | | | business on the side of your regular job can potentially |
| terms on a loan at any other time. This kind of interest | | | | earn enough income to eliminate the need to ask |
| is astronomical to say the least. Yet many of us are | | | | "where can you borrow money on your tax return" |
| willing to accept it when the loan is short term. | | | | and the anxiety felt in wondering "when will I receive |
| 3. IRS Could Hold Up Your Refund: If the IRS has a | | | | my IRS refund". Being more in control of your finances |
| problem, for any reason, with your tax return, they can | | | | will keep you from feeling desperate enough to pay |
| hold up your refund. If this happens your short-term | | | | such high rates on your own money for a 10-day loan. |