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Advisory: Many people want
their refund quickly. However, Assemblyman Brook-Krasny is
urging consumers not to turn to refund anticipation loans
(RALs) to receive all or part of their refund a few weeks
earlier than expected. RALs are not tax refunds - they are
short-term loans against the taxpayers’ anticipated
refunds and many tax services charge exorbitant interest
rates for them. Tax preparation companies that promote
these loans often prey on the poor and convince consumers
to borrow against their own money.
If you file electronically, you can receive your refund
quickly and not pay interest rates or other fees. For
information, visit the Internal Revenue Service site at
www.irs.gov or the State Department of Taxation and Finance
at
www.tax.state.ny.us
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