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Terry’s Tax Tips

Tax Professionals and the California State licensing offices are warning Taxpayers to avoid “Fast Refund” promotions a.k.a. RAL’s (Refund Anticipation Loans). Remember these are loans against your refunds. Yes you can get your check within 24 hours but the refund advance is a “short term loan” with very expensive rates. The IRS calculated that on the average return of $2792 that the average percentage interest rate on a 30 day note is over 175%.  And if you add up all the subtle fees to the total charges it can go over 200% on a standard 30 day loan agreement.

The IRS admits that taxpayers are overpaying their taxes to the tune of 2 BILLION yearly due to not taking all the deductions they are legally entitled to take.  I would be willing to “plug in” all the deductions you have to see if you will exceed the standard deduction, based on your filing status, and further reduce your taxable income.  Just call for a no cost office visit – at the Tax Pro, the first hour is on us!

Don’t forget if you want to amend a return, you have up to 3 years. That’s 3 years from April 15th AFTER the calendar tax year. In other words if you wanted to amend a 2011 tax year you have until April 15th 2015.

Keep checking this page for more of my Tax Tips.

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