Making Work Pay will cost millions of American taxpayers anywhere from $250 to $400 this coming tax season. These people may need payday loans. (Photo: flickr.com)

Were you one of those people who were elated to hear about the “Making Work Pay” tax break that President Obama gifted to the American people? Truly, it did benefit many people. Workers were paid back to the tune of 6.2 percent of their earned income, with a max of $400 for individuals and $800 for married couples filing jointly. Those singles making more than $95,000 and couples making more than $190,000 weren’t eligible, but then they didn’t have to be.

With that refund, those eligible didn’t have to resort to short term loan options like payday loans. However, for millions more, perhaps they’ll be wishing they had gotten a payday loan instead of having to pay back hundreds of dollars. And don’t even get me started on the farce that is tax refund loans (aka refund anticipation loans).

15-Million-Plus Owe Uncle Barack $250 Apiece

And that’s just the retirees!

That’s what the Associated Press is reporting as consumers are attempting to dig their way out of the blight of the recession. People are looking forward to some debt relief without the pain of tax refund loans, and in this instance, perhaps even without payday loans. But according to the IRS, many of people are going to be disappointed. What goes around comes around … and bites you in the hindquarters.

Who Will Owe Money Because of Making Work Pay?

We’re talking those with more than one job and married couples where both parties work (that’s a big one). These groups will have to repay $400, which could mean a smaller refund or even a tax bill. Even those in their golden years with rusty old Social Security and taxable wages will not have the lamb’s blood painted on their door. Their Obama giveback will be $250. Pony up, America!

Ah, the Memories of Magic Refunds and High Hopes

Individuals felt up to $400 worth of love for Making Work Pay, while couples doubled their pleasure up to $800. It was all part of the revolutionary stimulus package back in February of 2009. It pumped paychecks full of chicken broth, which most consumers promptly spent. If you spent it and you aren’t sure if you’re having enough withheld from your paycheck, click here for a handy calculator. If you don’t like what you find, file a new W-4… fast, because the 2009 tax year is almost over! The IRS has known about this problem since last spring, and they’ve been urging people to check their withholding amount since then.

Picking Up the Pieces of a Shattered Stimulus Plan

Payday loans may be short-term glue for what ails your budget, but this whole stimulus thing replaced pro-mise with pro-blems. For instance, a single worker with two jobs could get a $400 Obama-boost for each job, even though he’s only eligible for one $400 buff. That will have to be paid back. Similarly, with married couples where both work, if they combine to earn over $13,000, they enter a new tax bracket. There’s a total $1,200 boost instead of the $800 that should have been allowed. That’s $400 to pay back, friends. The Census Bureau says that 55 percent of all married couples in America are in this boat. That’s 33 million couples with 400 reasons to love Making Work Pay.

Wait, Don’t Forget Victimized Students

If they’re single and work part-time, they were eligible for the $400 credit. But, all my payday loans and garters, if their parents claimed them as a dependent, they didn’t qualify! In this case, Making Work Pay means paying back that $400.

Retirees Making Work Pay for Obama

More than 50 million Social Security recipients got $250 lump sum payments each, all thanks to Making Work Pay. But they were already receiving the credit for being employed, so the $250 refund will have to be paid back. It keeps getting better for American citizens.

Don’t Make the Same Mistakes in 2010

The Making Work Pay credit is still available, so tread cautiously. You certainly don’t want to create the same problem for yourself again. The average refund was about $2,800, so this Making Work Pay giveback will not result in a bill for many. However, some won’t be quite so lucky.

Iowa Sen. Chuck “Seppuku” Grassley of Iowa took a break from his more breathless moments to nail Making Work Pay on the head. It was “another unfortunate example of what can happen when Congress and the White House rush through legislation like the stimulus without thinking through the consequences,” he told the AP.

(Insert forehead slap and “I shoulda had a payday loan!” here)

Related Video:

Payday loans can be used as your ultimate weapon to settle tax issues. If you have tax payments due, if you are scurrying around to arrange funds to help you through to your next payday, then this article will shed light on where to find the resources you need. Maybe it is our subconscious rebellion with tax payments that even if though we know we have to pay our taxes every year we hardly ever take steps to set funds aside to make those tax payments.

How many years, after we have found a way to make that tax payment, do we promise ourselves we will not let this happen again, only to have April 15th sneak up on us again?  We keep repeating our follies year after year. Luckily, year after year, a payday loan is there for us.

Next year

Getting a payday loan each year may not be the most economical way to pay off your tax burden but a useful remedy when you do not have any other choice and your payment is due. If you use a bit of common sense, you won’t be in this predicament next year.

How can it be done?  Either set up a savings account for next year or set up some sort of investment program.  If you choose a good investment plan, you should easily have the money you need next year to pay your taxes.  There are several good investment ideas on this blog. You will also get the added benefit of a tax exemption if you invest in the right investments.

How to take out a payday loan

If you are unsure of how to get your payday loan, learn how to do it here. Make an application for these loans either right here, online, or over the phone. The easiest way is to press the apply button right on this page.  Payday loans through Personal Money Store are short term loans for small amounts of up to $1500.

Once your application is approved, you will get your loan funds transferred to your bank account usually within 24 hours. At Personal Money Store, typically there is no credit check or faxing, no charge for an application fee and no hidden charges. Be sure to read the terms and conditions provided by your lender before you sign.

So, if your taxes are bogging you down, use a payday loan to help you out.

Former President George W. Bush

You may need payday loans after reading this.

Julia Sullivan of National Spending Journal has some bad news for you. If you were lucky enough to receive an economic stimulus check in 2008, that amount will be deducted from any refund you’re due to receive in 2009. Think of it as a Three Stooges-style “nyuk nyuk,” complete with a belt to the chops.

That’s right, you weren’t being given free money like you thought. That was an advance on this year’s tax refund. Doesn’t this news come at a great time for Americans who are wondering if they’re going to have a job tomorrow? Gosh, I’m tickled.

The government takes your money and gives it to bad banks

Remember how good that $600 dollar check felt? American workers were having a tough time then. Now, things are much worse. If you received more than $600 due to a family-sized refund, expect a family-sized reduction this time around. This could very well be part of the economic stimulus incompetent or unrepentantly greedy banks receive under President Obama’s watch. Let’s hope he changes his mind about capping payday loans. They’re much cheaper than tax refund loans.

Here’s Sullivan’s blow-by-blow of what has happened. Apparently, the stimulus was a sign of a change to the 2008 tax code (that’s this season’s taxes). It was an elimination of the 10 percent tax on the first $6,000 in income (which is where the $600 figure for the stimulus checks came from). The  hope was that consumers would spend the money and stimulate the economy.

However, results were less than satisfying. Consumer spending is down, while saving has increased. But have we saved enough for a deeper winter? Guess we’ll all find out for ourselves. Until then, remember that payday loans are an option if you need a short-term bridge over surprise expenses. If you can’t remember how much “stimulus” you received in 2008, check with the IRS here. For more on the “stimulus” program, click here. Plus, check out the video below. Some are trying to turn this stimulus fear into a scam. If you need assistance with tax trouble click tax resolution/settlement.

If you need a loan you have come to the right place

If you need a loan consider a payday loan which will be due usually the payday after next or an installment loan where you get to chose your pay dates and how many weeks you want to stretch your payments. We have a safe and secure application process that will find a lender to approve your application. You may be able to get spendable funds in as little as two hours after completing the application.
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Leaders at the State Capitol in Sacramento are struggling to keep up with the bills

Pretty soon the only financial help I’ll be eligible for is bad credit payday loans. I’m behind on my heating bill and my cable bill. I have medical bills from  more than a year ago that still aren’t paid off. Why would I be so bold as to share this information with the world? Turns out I’m not alone. Even the great state of California is behind on its bills.

Schwarzenegger has been stressing for some time that California is in a state of financial emergency. Today KCRA published a story saying California has officially joined a growing category of Americans: those who can’t keep up with their bills. If I end up needing bad credit payday loans, I certainly won’t be the only one.

Who’s getting stiffed?

Unfortunately for Californians, their overdue bills will have a much more significant effect than my delinquent Comcast bill. Elected leaders are behind on paying out college scholarships, an unfortunate circumstance for a state already facing a financial crisis in the higher education sector.

The state also hasn’t issued checks for county social services and the California Highway Patrol. While the state is struggling to pay to keep its populace safe, individuals expecting tax refunds will face a lamentable surprise. The state will not issue any tax rebates until this budget discrepancy is solved.

Easing the burden, a little

The Golden state is in the red.

The trouble in the education industry will  be eased just slightly by an agreement made Friday. About 200,000 state workers, including teachers, must take two unpaid days off per month to defray costs. I doubt you will hear much complaining from the workers who will now have a few more four-day work weeks. The alternative to the furloughs was layoffs.

So don’t feel ashamed if you’re behind on your bills — even the Terminator can’t keep up. As for me, I’ll brace for needing bad credit payday loans and spend my entire tax refund on overdue bills.

Related articles

• The Dos and Don’ts of Financial Distress (usnews.com)
• California’s cash crunch: IOUs coming (money.cnn.com)
• 5 Ways To Maximize Your Tax Refund (huffingtonpost.com)
• Top Five Tax Refund Tips: Ready, Set, Save (abcnews.go.com)

NEW YORK - APRIL 15

But let’s think about it. Since it’s time to file your income taxes, you may be thinking about the size of the refund you are entitled to. If you experience a financial setback at this time, it’s only natural to be interested in the possibility of receiving your tax refund money early, right?

Be careful – tax refund loans aren’t as good as they seem

Tax refund loans, also called instant refund loans or refund anticipation loans, seem like a great thing if you need cash right now. But the costs are steep. Origination fees range from $29.95 to $89.95, and electronic filing fees of $40 are also common. All you typically need to apply is a year-end pay stub, proof of employment and identification. Sure, you can receive all or a portion of your tax refund (up to about $5,000) within a couple of days, but why would you want to when payday loans are available without origination or “filing” fees?

According to About.com, “the fees for the average refund of just under $2,000 extrapolate to an annual percentage rate of 222.5 percent. Yet 12 million taxpayers paid over $900 million dollars in fees last year just to get their refunds a little faster.”

People think they need tax refund loans

Have they heard of no fax payday loans? They a much more attractive option. Yet the new trend persists.

In Atlanta Journal-Constitution coverage of this outrageous phenomenon, we see that people are indeed using tax refund loans to cover cash emergencies. Graphic artist Pat Cameron had medical bills to cover, so he went to Jackson Hewitt for a tax refund loan.

“I know they charge so much, but this will get me through the first of the month,” he said.

The IRS doesn’t endorse such programs, but neither do they openly speak out against them. They encourage taxpayers to use free electronic filing services, which directly deposit any refund monies due into a consumer’s checking or savings account in about 10 business days. For those who can show hardship, there are even special programs available. But if even that is not fast enough, faxless payday loans are a much better option than tax refund loans.

Recession drives people to desperate ends

That’s exactly the category tax refund loans fall under: desperation.

Overdue bills, foreclosures, rent and many other ominous signs are threatening the financial well-being of consumers. Numerous big-box tax preparation companies like H & R Block, Jackson Hewitt and others are swooping in with these high fee, high interest loans.

Suzanne Boas, president of the Consumer Credit Counseling Service of Greater Atlanta, is quoted on the matter in the Journal-Constitution

Generally, we don’t think it’s a good idea to pay such an exorbitant rate to get what would be due to you anyway in a couple of weeks.

Consumers, payday loans are a better option!

If you are due a tax refund, you will receive it in a couple of weeks if you are using free electronic filing with direct deposit. Don’t go the route of tax refund loans unless paying exorbitant fees upon fees, plus high interest are OK with you. Logically, it’s not the best choice. If you need quick cash for an emergency and can’t wait until you have your tax refund safely in your bank account, try payday loans. They’re cheaper, fast and quite discreet.

If you need assistance with tax trouble click tax resolution/settlement.