On the Block
H&R Block and HSBC-North America are unveiling new plans to better disclose their rates and fees to potential customers for tax preparation and their "refund anticipation" loan program.
lol
I have always felt this was a huge scam. It's similar to most bank's direct deposit advance programs, and, while I cannot speak for H&R, I know my bank charges 10% for these puppies. Yea, pretty outrageous for a 4-day loan, but when you are out of town and broke down on the side of the road who's going to argue it? Yea, me neither.
My personal solution? Make the tax code simple enough that regular people can figure out how to do their own darn taxes!
For more info, check out the full details from the Kansas City Star article here.
A final note...
Consumer groups have alleged that H&R Block markets their services, and particularly their advance loan programs, to low-income families, the group least able to afford the excess fees. H&R says no.
Have you seen any other tax preparers camped out in the Walmart during March & April?
That's what I thought.
lol
I have always felt this was a huge scam. It's similar to most bank's direct deposit advance programs, and, while I cannot speak for H&R, I know my bank charges 10% for these puppies. Yea, pretty outrageous for a 4-day loan, but when you are out of town and broke down on the side of the road who's going to argue it? Yea, me neither.
My personal solution? Make the tax code simple enough that regular people can figure out how to do their own darn taxes!
For more info, check out the full details from the Kansas City Star article here.
A final note...
Consumer groups have alleged that H&R Block markets their services, and particularly their advance loan programs, to low-income families, the group least able to afford the excess fees. H&R says no.
Have you seen any other tax preparers camped out in the Walmart during March & April?
That's what I thought.
posted by Dy at 7:22 AM
1 Comments:
If you feel strongly about this, you should consider looking up your local IRS VITA (Volunteers In Tax Assistance) program. I helped out last year in Virginia. We did very simple forms for people with incomes under $40,000. We averaged about $2000 per person in refunds and tax credits. Most importantly, we set people up for direct deposit so they could see thier refunds in about 10 days (interest free).
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