Also known as refund anticipation loan (RAL), this entire process would approximately take 24 hours or in some instances even less for you to claim the proceeds of your anticipated refund, less the cost of the refund advance. Usually, you only need to provide an efile tax return, and once the IRS has acknowledged their receipt of your tax return, your refund loan will be made available in as fast as 24 hours or one business day.
There are certain qualifications that must be met which include the amount that you are expecting for your tax refund. Upon meeting them, you may become eligible for claiming your refund loan in advance, and have the cash now from tax refund, most especially during situations where there are unexpected bills or urgent need for cash.
Tax Return Advance Or Tax Refund Advance?
What is the difference? Well, for most of us – nothing, nothing at all… just semantics and the words we use to describe the same thing: Tax Refund Loans.
When planning to apply or file for a tax refund advance, it is best that you consult the services of a tax preparation professional that offers tax refund loans; those with extensive experience in this field. This makes the entire process easier on your end, and at the same time it will go faster as well. Do not forget that you also have to organize and make sure that everything is properly managed, including papers related to income return taxes, proof of identification, expenses, licenses and everything that may be related with your taxes and potential deductions and rebates. Also, read a little something about the laws with regard to taxes and tax refunds. This way, you will be able to easily understand how the entire process goes, and to avoid some common confusions and misunderstandings.
Tax refund advance can be the perfect solution to those who need money as soon as possible. Cash advances on tax refunds enables individuals to get a-hold of their IRS tax refund proceeds faster than the usual period. The big benefit of an advance is that you can avoid all the hassles and prevent waiting for quite some time before you receive your tax refund from the IRS.