Whether your tax return is a piece of cake or you have a lot of balls to juggle in order to get the numbers to work, there are always tips and tricks that can make things better. They don’t require online loans, and they most certainly do not require you make the mistake of apply for tax refund loans. You’d be much better clicking that link and applying for online loans.

Here are the top 10 overlooked tax deductions

Thanks to a recent WalletPop article, everyday consumers like you and me can get a bigger tax refund. Here are the highlights from a fine piece by Ken and Daria Dolan that I’d recommend you check out (See: http://www.walletpop.com/taxes/article/10-most-overlooked-tax-deductions/879239). Just remember that Personal Money Market is not a professional tax adviser. Any questions should be directed at a certified tax professional.

1. Mind the mileage – The IRS says taxpayers can deduct miles “primarily for, and essential to” medical care at 24 cents per mile. People who need to travel for regular treatments can benefit greatly. You can also deduct for miles driven for charity work at 14 cents per mile.
2. Property taxes don’t need to be itemized – According to the Dolans, a 2008 law lets you up your standard deduction by the amount of property tax you pay ($500 max, or $1,000 on a joint return).
3. New car excise tax – Did you buy a car between February 17 and December 31, 2009? The Dolans say “you can deduct the sales and excise taxes that you paid up to a maximum purchase price of $49,500.” It doesn’t have to be itemized!
4. Spring forward? Fall back! – If you filed state income tax in the Spring because you owed money in 2008, you can still count it towards your 2009 state return.
5. Environmental credits – Yes, I mean going green. Heating and cooling products – as well as other energy-saving home improvements – can save you green. Saving 30 percent on up to $1,500 worth of improvements is worth your time!
6. Sell a home in 2009? – Deductions for sale and closing costs, Real Estate agent commissions and other legal fees are available.
7. Take the PMI deduction – New laws now make private mortgage insurance payments deductible, but only through your 2010 return. Check this out with a tax professional before it’s gone!
8. Investors, take heed – Investment-related expenses like investment publications, financial advisor fees, mileage to go see a broker and more are available for deduction. In a similar vein, certain tax preparation expenses are deductible.
9. Unemployed in 2009? – The American Recovery and Reinvestment Act “made the first $2,400 you receive in unemployment benefits tax free,” write the Dolans. Job search expenses may be deductible if you searched for a job in the same field. This could include agency fees, ads, postage, phone calls, travel, etc. If it all amounts to more than two percent of your adjusted gross, it’s fair game, say the Dolans.
10. Childcare expenses – This credit includes daycare, nannies and more. The credit reaches as high as $3,000 for one child, $6,000 for two or more. They just have to be under 13 years old.

Remember – CONSULT WITH YOUR TAX PROFESSIONAL if you have questions!

Oh, and avoid tax refund loans in favor of online loans. That is all.

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The truth about Tax Refund Loans

The truth is, tax refund loans or refund anticipation loans (RAL) are very expensive. Just like payday loans and cash advances, tax refund loans must be handled with absolute care. In fact, several politicians have tried to cut down on RALs over the past years, citing interest rates on these types of loans exceeding 500% in many cases. What then can a person in need of immediate financing do to obtain money fast?

Consider Payday Loans

If you really need money now, consider payday loans or  installment loans. The difference between a tax refund loan and a payday loan is that one is easier to work with than the other. Payday loans are not only cheaper, but they are much more flexible to work with. You pay a flat one-time fee of $15, $20 or $30 (depending on the lender and/or loan amount) and you will have the money to relieve some of your immediate cash needs in no time. You get just the right amount of money to hold you over – no stress, no pressure, no additional money loss.

On the other hand, if you choose to obtain a refund anticipation loan, your “anticipation” could certainly backfire on your finances. You lose more money in the end –- money that could actually be going towards your savings fund and other important living expenses.

Save, save, save!

Saving money has become the top concern in the minds of many consumers these days. Through the ups and downs of the economy, more people are finding out that there is nothing more shielding than to be financially prepared. Having a sufficient amount of savings will benefit you more than any type of loan made available for your convenience. So, if you feel the need of a tax refund loan, consider other options first before making a final decision. Your wallet will be thankful for it.

Start Your Payday Loan Application HERE!

Founded in California in 1999, Allied Cash Advance (See www.alliedcashadvance.com/) is currently headquartered in Miami, Florida. The company prides itself on “providing a convenient, economical alternative to the high fees charged by banks, utility companies and other service providers.” Personal Money Market would certainly like to dispute the “other service providers” claim if Allied Cash Advance is indeed referring to payday loans outlets like this one, but we’re in agreement with the rest. Overdraft fees and late charges are a much more expensive alternative than cash advance and payday loans.

They’re aiming high at Allied Cash Advance

It’s no surprise that Allied Cash Advance wants to be “the premier provider of short term cash needs in America.” Their core values revolve around the following:

• Team – People are what make Allied Cash Advance go. “We strive to maintain a culture based on respect, recognition, development, cooperation, and fun.”
• Passion – To deliver outstanding service and performance.
• Responsibility – Accountable to shareholders and the company through “fiscal awareness and profitability.” What about customers, Allied Cash Advance?
• Community – Allied Cash Advance is committed to improving its communities.
• Integrity – Being ethical in all functions of the cash advance and payday loans business.

What products does Allied Cash Advance offer?

• Auto Equity loans – Ranging from $2,500 to $15,000 by tapping into your car’s equity, whether it’s paid off or not.
• Cash Advances and payday loans – Immediate, unexpected expenses are real budget killers. Allied Cash Advance “gets you the money you need in a matter of minutes.”
• Credit Rebuilding – The Allied Credit Reporting Program enables you to build your credit history by reporting your timely loan payments.
• Express Credit – If you have a good payment history with Allied Cash Advance, you can borrow anywhere from $700 to $1,500.
• NetSpend – Prepaid Visa and MasterCard debit cards that require no credit check or application.
• Other Prepaid Services – Phone cards, gift cards and more.
• Tax preparation – As an authorized IRS e-File Provider, Allied Cash Advance can prepare your tax return and file it electronically, sometimes even on the same day. Doing this is much better than taking out tax refund loans.
• Title Loans – Based upon your vehicle’s wholesale value, borrow anywhere from $300 to $5,000

Allied Cash Advance has an online presence

It may not equal the brick-and-mortar presence of the company, but it’s growing. According to compete.com, Allied Cash Advance received 7,791 unique visitors in December 2009, which reflected a 12.34 percent increase over the previous month. In terms of total visitors, there were 8,233 (a 6.37 percent increase over November 2009).

Search methods and terms that led the most traffic to the Allied Cash Advance Web site are also quantified by Compete.com. Google.com led the search method pack at 26.68 percent, while Yellowpages.com (9.11 percent) and Speedycash.com (8.12) followed. The most common search term used was “Allied cash advance” by a wide margin (41.05 percent) over the terms that follow: “payday loans” (9.27 percent) and, interestingly, “Cash advance aurora Colorado” (7.51 percent). Apparently people in Aurora know their cash advance and payday loans. Personal Money Market would certainly welcome them.

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Tax season is here, and some people may be wondering whether the quick cash of tax refund loans is right for them. The plain and simple answer to that question is that if you don’t mind giving up an expensive chunk of change, go for it. Otherwise, if you’d like to have access to fast consumer credit during a cash emergency, payday loans are a less expensive route in that they are generally free of “fees upon fees” and the charges levied by less than scrupulous tax preparers.

Even the IRS views tax refund loans with suspicion

The Web site Consumer Affairs reports that one of the biggest RAL institutions in the game – Santa Barbara Bank & Trust – has been ordered out of the tax refund loans business by federal regulators. Santa Barbara Bank & Trust was the money man for Jackson Hewitt’s tax refund loans, so now that big-name tax preparation company has to scramble to find funding for over half its locations. Republic Bank & Trust, another big tax refund loans player, has dropped their RAL prices as the industry faces the heat of consumer advocates.

8.4 million American taxpayers were robbed in 2008

By Consumer Affairs’ count, tax refund loans drained $738 million from their hard-earned tax refunds in 2008, just so they could receive their money a few days earlier. What an unnecessary expense; and that doesn’t even take into account $68 million in “other fees.” Then there were 12 million more people who gave up $360 million on products similar to tax refund loans. Consumer groups like the National Consumer Law Center and Consumer Federation of America are sounding the alarm for taxpayers to wake up and smell the tax refund loans ruse.

An IRS task force is examining tax refund loans

Until they’ve put this ultra-expensive product down like Ol’ Yeller’s evil twin,  here some tips to avoid tax refund loans, RALs, RACs or whatever name tax preparers looking for a buck call them.

• File electronically to get your refund more quickly. Wait a week or two and you can save green!
• If you need help, use free sites offered by places like Volunteer Income Tax Assistance and the National Community Tax Coalition. Call the IRS at 1-800-829-1040 for more info. IRS Free File is also a place you should know about.
• Have your refund direct deposited. As check cashers typically charge two percent or more, it pays to have a checking account at a bank or credit union. Why pay $60 to cash a $3,000 refund check when you don’t have to?
• Know what you’re signing if you use a tax preparer. They can easily share or sell your tax return information, so if you see anything that gives them permission to do so, JUST SAY NO.

Tax refund loans can be dangerous; why not consider payday loans?

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