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Rapid tax refund: Why Americans use this time-saving tax move — but you should probably avoid it

Source: https://mic.com/articles/171486/rapid-tax-refund-why-americans-use-this-time-saving-tax-move-but-you-should-probably-avoid-it#.awv5JJ676 - Mar 21, 2017

In 2017, tax filers will get an average refund of $2,840 from the IRS. If you're one of the millions of people getting a big fat check from Uncle Sam, you probably can't wait to get ahold of all that sweet, sweet cash.

Unfortunately, the IRS takes it's time in sending your refund. The agency says it issues most refunds within 21 days, but some take longer. Plus, as the IRS reminds you, you must "take into consideration the time it takes for your financial institution to post the refund to your account or for you to receive it by mail."

You probably don't want to wait. Who does? So when your tax preparer offers you a rapid refund or instant refund, it's really tempting to take them up on it. The problem: You'll pay big to get your cash a little sooner.

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Category: General Business