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Personal Finance. Tanza Loudenback. When filing taxes online, you might have the option to pay the fee from your refund. It sounds easier than pulling out your debit or credit card, but there's usually an additional fee. Pay with a rewards credit card instead, if you can, to earn points or cash back, avoid a service charge, and get your refund in full.
See Personal Finance Insider's picks for best tax software » Millions of Americans are looking forward to a tax refund this year.
She broke down personal finance news and wrote about taxes , investing , retirement , wealth building , and debt management. She helmed a biweekly newsletter and a column answering reader questions about money. Tanza joined Business Insider in June and is an alumna of Elon University, where she studied journalism and Italian. She is based in Los Angeles.
More Tax Coverage. Should I do my own taxes or hire an accountant? Use a chart to decide. For some, though, the Refund Processing Service isn't about enabling laziness — it's about targeting people who don't have the money on hand to pay TurboTax for doing their taxes.
Thomas explains the option essentially amounts to TurboTax giving users a short-term loan with a high interest rate while their refund clears. If someone finishes their taxes and doesn't have cash ready to cover their preparation fees, "they have no choice but to do it this way," she adds.
Thomas compared the Refund Processing fee to Refund Anticipation Loans , which third-party companies used to advertise as a way for people to get their loans faster — at a high cost. These methods and others have caused Thomas to call for federal lawmakers to regulate tax preparers and software like TurboTax.
Broadly, you should be careful when doing your taxes. Pay attention to what you're clicking, and if you find yourself with strange fees at the end, check out instructions for removing them here note that this only works if you haven't e-filed yet.
If something seems sketchy, ask about it. Anecdotally, I learned that I need to turn off Everwood while doing taxes and give them my full attention.
KatCat42 Missouri. Big fan! FilingfromNewMexico New Mexico. So easy and helpful We were nervous about filing this year after a weird CandS California. Photos are illustrative only. Read all reviews.
Benefits of e-filing taxes online. Email confirmation from the IRS Once you e-file, the IRS will send you a confirmation email to give you peace of mind that your tax return has been received.
Your fastest tax refund E-filing your tax return and using direct deposit is the easiest and fastest way to get your refund. TurboTax Online can be used at no cost up until the point that you submit payment. Once payment has been received, the product is considered to have been used to prepare your taxes , regardless of whether you print or electronically file your return, or if it's rejected. Submitting payment reflects your satisfaction with TurboTax Online preparation of your taxes, and is non-refundable.
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