Advisory: Many people
want their refund quickly. However, Assemblyman
Dinowitz 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
|