Refund Anticipation Loan Fees

At Joseph P. Norman CPA we do not offer any refund loans or similar products. We do not feel they are appropriate and the fees typically charged by preparers are exorbitant. We realize most national tax preparation firms offer these products, but we do not feel they are a good deal for the consumer. The three biggest tax preparation chains all offered refund anticipation checks in 2014. The fees for these services ranged from $34.95 to $49.95 or more for additional items such as paper checks and “transmittal fees.” Also, these services did not allow the consumer to receive the refund any faster, only to deduct the preparation fees from the refunds and pay no upfront costs.

In prior years the IRS published a direct deposit schedule. The table below was estimated based on prior year published calendars. As you can see with e-file and direct deposit you can receive your refund much faster than the published 21 day guidelines.

Tax Return Accepted By IRS  Direct Deposit Sent* Days
Feb 2 and Feb 08, 2014 Feb 12, 2014 4 – 10
Feb 9 and Feb 15, 2014 Feb 19, 2014 4 – 10
Feb 16 and Feb 22, 2014 Feb 26, 2014 4 – 10
Feb 23 and Mar 01, 2014 Mar 5, 2014 4 – 10

We will always work with our customers for payment arrangements if the upfront fee for return preparation is a hardship.  We do this for our customers at no additional fees or cost.  Call us today at (405) 354-1402 to schedule an appointment for your taxes this year.

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