Have you seen the ads for “instant money,” “rapid refunds” or “electronic refund advances?” These tax services may get you money a little bit faster, but they often take a big part of your tax refund.
Don't be fooled by flashy ads! Say “No” to all forms of up-front tax refund and loan offers.
Some tax preparers are switching from “rapid refunds” to “prepaid” lines of credit. What do these tax service companies really offer? A very expensive loan. The interest rate on the loan can cost you from 173% to more than 200% interest per year!
There are other problems with these loans. What happens if the tax preparer makes a mistake? What happens if the IRS keeps your refund to pay a debt you owe? You still have to pay back the money you got plus interest on the loan.
If you fall for these “fast money” promises, you are giving away a chunk of your refund to a money lender. Keep all of your hard-earned money and tax credits for yourself and your family. You deserve it!
Use Free eFiling to Get Your Refund Faster
If you file your tax return online (e-file) and choose direct deposit, you will usually get your refund in 7 to 10 days. (A paper check may take another 5 to 10 days to arrive.) And you'll get all of your tax refund! Even if you file your return by mail, the IRS is pretty fast. 9 out of 10 refunds are issued within 21 days.
Track Your Federal Tax Refund
Did you know that you can track your refund online after you file your taxes to find out when you will get it? The IRS' “Where's My Refund?” website is updated every 24 hours.
If you e-file, you can check the status of your refund just 24 hours later. If you file your return by mailing a paper form, you should wait four weeks to check the status of your refund.
You can also track your refund with the IRS mobile app, IRS2Go. If you have an Apple iPhone or iTouch, you can download the free IRS2Go app by visiting the iTunes app store. If you have an Android, visit Google Play to download the free IRS2Go app.
Track Your Vermont Tax Refund
You can also track your Vermont tax refund after you file your taxes to find out when you will get it. Allow at least five working days for your financial institution to process your refund after the state shows that your refund has been issued.