Preparing for Tax Time - KAIT Jonesboro, AR - Region 8 News, weather, sports

Jonesboro -- Shannon Johnson Reports

Preparing for Tax Time

February 4, 2005 – Posted at 6:36 p.m. CST

JONESBORO --  Tax experts at Jackson Hewitt say they've been swamped with customers who what money quick, fast and in a hurry. You don't have to wait for the mailman anymore.

Cheri Bryant of Jackson Hewitt said, “One of the most popular opt this time of year is the is the refund anticipation loan where they can get their money in 24 to 48 hours.”

But it'll cost you; the amount of the loan will determine your actual fee associated with the loan. For example say you want to walk out with the maximum amount of cash Jackson Hewitt will allow which is $ 1,065 most of the time.

“There's a $90 dollar finance fee and then there's also what they call processing fees that the add to it,” said Bryant.

Those fees are about $55 dollars, plus you have to pay the regular tax preparation fee, which depends on complexity of your return. But you walk out with money in your hand. The next quickest refund at Jackson Hewitt is the accelerated checked refund.

“It’s convent for those who don't have a checking or savings account,” said Bryant.

You get money in 11 to 17 days, but this time it's not a loan, so there are no loan fees but there is a processing fee of $54 dollars. Plus the regular cost of tax preparation. If you file electronically and get the money directly deposited.

“They usually say it takes 11 to 17 days,” said Bryant. But sometimes it's comes quicker. The only fee you pay is regular tax preparation. The only other option…

“The very first option we ever had paper,” said Bryant.

But snail mailing it will cost you three to eight weeks of waiting time for you check. The IRS expects half of the returns filed this year to arrive electronically.

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