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Tax Refunds: Being Impatient Can Cost You

It's hard to wait for your tax refund to come from the IRS. Tax preparers know that, and they have plenty of programs that can give you your tax refund even faster. But in many cases, the cost you pay is far greater than it's worth.

In the following video, Dan Caplinger, The Motley Fool's director of investment planning, looks at the various ways you can get your refund. Dan notes that the best way is to file your return electronically and arrange for direct deposit of your refund to your bank account, which the IRS says can take as little as 10 days. By contrast, many tax preparers offer immediate tax refunds through a variety of financial products. But what many people don't realize is that the fees and charges on you'll pay to get your refund just a week or two earlier can be huge, making even payday loans look benign by comparison. Dan concludes that the better choice whenever possible is to be patient and refuse to allow preparers to take a big piece of your tax refund for themselves.

Take advantage of this little-known tax "loophole"
Want a bigger tax refund? Recent tax increases have affected nearly every American taxpayer. But with the right planning, you can take steps to take control of your taxes and potentially even lower your tax bill. In our brand-new special report "The IRS Is Daring You to Make This Investment Now!," you'll learn about the simple strategy to take advantage of a little-known IRS rule. Don't miss out on advice that could help you cut taxes for decades to come. Click here to learn more.


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Dan Caplinger
TMFGalagan

Dan Caplinger has been a contract writer for the Motley Fool since 2006. As the Fool's Director of Investment Planning, Dan oversees much of the personal-finance and investment-planning content published daily on Fool.com. With a background as an estate-planning attorney and independent financial consultant, Dan's articles are based on more than 20 years of experience from all angles of the financial world.

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