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Wayne Brasch
Wayne Brasch, Accountant and Business Consultant
Category: Job
Satisfied Customers: 1298
Experience:  Consulting with individuals and businesses since 1963
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Can I borrow money against my tax refund now

Customer Question

Can I borrow money against my tax refund now
Submitted: 9 years ago.
Category: Job
Expert:  Wayne Brasch replied 9 years ago.
It has been said that some of the large tax preparation services will begin issuing tax refund anticipation loans on or about December 1, 2007 in most areas and around December 10 in other areas. Keep in mind that the interest for these types of loans amounts to an extremely large rate that cannot be deducted on your tax return. Can you not wait another month and file your return and get to keep all of your refund? That way you'll not have to share YOUR money with that tax preparation service and their associated bank. Getting these loans are not an efficient use of your money. I don't mean to sound as if I'm fussing at you, but I try to protect my clients' money instead of letting them waste it on these types of loans.