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Don’t Bank on a Tax Refund Loan Next Year
JP Morgan has sent out notice to 13000 tax preparers that it plans to discontinue its refund loan operations, leaving tens of thousands of taxpayers with a snowball’s chance in hell of getting a front on money due back from the government come tax time.
This is nothing new for tax preparers. Last year, Jackson Hewitt announced that its RAL (Refund Anticipation Loan) funding was down to about 50%, meaning it could only cover half of the RALs it anticipated it would be asked to process come tax time. The problem came from Santa Barbara Bank & Trust, who funded about 75% of Jackson Hewitt’s RALs, after it was told by the Comptroller of the Currency that it had to increase its capital ratios and quick. SBBT may not have been able to buff up its capital levels but you can buff up your own by following these tips to decrease your “rebate” from Uncle Sam so you aren’t standing around waiting for Treasury to cut you a check:
Keep your exemptions in check This is the easiest, simplest, most obvious solution. If you’re waiting for a huge refund check every year, maybe it’s time to reevaluate the tax position you’ve held since you were in college.
If you’re still in a rush, e-file Sure, it’s not instant, but you’ll get your refund a lot quicker by e-filing than you will the good old fashioned snail mail way. National figures show 60% of Americans used e-file last year, leaving the USPS SOL once again.
File early Again, this seems obvious but if you want your money quicker, file at the front of the line. Americans are procrastinators so if you’re one of the first anxious little taxpayers out of the 1040 gate, chances are your refund will get processed faster.
U.S. Senate Continues to Successfully Bicker Over Tax Cuts
Dick Durbin is über-confident that nothing is going to happen prior to election day, which means he and his colleagues will have to sneak it in between then and December 31st when the cuts expire.
“The reality is we’re not going to pass” the tax cuts before the election,” said Durbin of Illinois. He blamed politics, saying “we are so tightly wound up in this campaign” that a bipartisan agreement to act won’t be reached.
Senate Budget Committee Chairman Kent Conrad, a North Dakota Democrat, said “it’s clear there aren’t 60 votes for any proposal, so no proposal is going to pass at this point.”
Sixty votes would be needed for a tax-cut extension to advance in the Senate.
Our concern is that some of Durbin’s friends in the Senate will be losers come November 2nd and may feel like sticking it to the entire country purely out of spite. It would be a mistake for anyone to overestimate the maturity level of any member of Congress.
Durbin Says Senate Won’t Pass Tax Cut Extension Before Election [Bloomberg]
Earlier:
Gerri Willis Doesn’t Care What A Couple of Old Men Think About Tax Cuts
Rahm Emanuel Was a Little Late Paying His F—ing Property Taxes
And by a little late, we mean three months. Rahm found out the news from WBBM radio in Chicago let him know about it. So a slight embarrassment that was likely met with a response of “well, f*ck me,” “get the f*ck out of here” or simply, “F*ck.”
But the worst thing that Rahm Emanuel will endure for forgetting to pay his property taxes isn’t the questions from the media, it isn’t the $445.56 penalty that he and his wife incurred on the balance of $7,400, it’s that he just gave material to Glenn Beck for the rest of his time as the Chief of Staff.
Since delinquent taxpayers in the Obama Administration has been a favorite target of Beck but since he had his own tax troubles maybe he’ll just let this blow over.
Then again, GB could spin this into the jobs report that came out today which in turn encouraged a nice little drop in the markets which parlays into a Deepwater Horizon connection and pretty soon someone will be calling for someone else’s resignation.
