We Specialize In Business,
Estate, Trust & Individual Tax





We Advise Against Short-Term Tax Refund Loan

We advise against short-term tax refund loans simply because they are too expensive. Instead of paying the high fees to a third party, use that "Fee Charge" that you will save by waiting for your tax refund to arrive for free and spend it in your business,  on your family or friends. If you want to make a consumption purchase, you can defintely wait. If you need to pay a bill, communicate to your vendor you will be paying it very soon. Saving a few hundreds/thousands here and there from constraining ourselves a little will start to add up and your pocket will Thank You In The Long Run. 

Tax Refund Loans (RALs) are costly, short-term loans offered by non-bank lenders and secured by expected tax refunds. They come with high fees and interest rates, often resulting in triple-digit APRs. While providing immediate cash, they pose risks like increased debt if the refund is lower or delayed, potentially affecting credit scores. RALs incur multiple fees, including application, tax-preparation, check-processing, and account fees, leading to significant costs on the anticipated refund. They are often found in tax preparation businesses, car dealerships, and retail stores. However, better alternatives exist, such as patiently waiting for an IRS direct deposit, which can take as little as 8 days, or utilizing free IRS tax preparation services. Opening a bank account for direct deposit can also avoid these costs. In summary, RALs are an expensive way to access tax refunds and should be approached with caution, considering cheaper and safer options.


See the link below from FINRA's website: https://www.finra.org/investors/insights/tax-refund-loans

What is FINRA? FINANCIAL INDUSTRY REGULATORY AUTHORITY is authorized by Congress to protect America’s investors by making sure the broker-dealer industry operates fairly and honestly

© BizWhizCPAs.com. All Rights Reserved.

We Specialize In Business,
Estate and Trust And Individual Tax
About Us
Our Mission
Our Senior Team Members

Business Tax
S-Corporation Filer
C-Coroporation Filer
LLC - Single / Multiple Owners Filer
Partnership Filer


W-2 Employee with Additional Income
Individuals with Higher Deductions that Standard - 1040 + Sch. A
Individuals with Interest and Dividend Income - 1040 + Sch. B
Individuals with Self-Employed Income - 1040 + Sch. C
Individuals with Capital Gains/Losses - 1040 + Sch. D
Individuals with Rental, Royalty or S-corp Income - 10140+Sch E
Individuals with Farm Income - 1040 + Sch F
Individuals with Household employees - 1040 +Sch H

Planning & Preparation

A - itemized Deductions
B - Interest and Dividend Income
C - Self-Employment Income
D - Capital Gains/Losses for Capital Assets
E - Rental Income, Royalties, S-Corp Income
F - Farm Income
H - Household Employees

Tax center
Financial Calculators
Recommended Books
Useful Links

Contact Us
Google Reviews