The state Office of Consumer Affairs and Business Regulation has urged taxpayers to shun so-called Refund Anticipation Loans (RALs). In their press release, DOR Commissioner Navjeet K. Bal is quoted as saying, "Paying an interest cost on your refund doesn't add up."
RAL's promise quick delivery of a refund, but usually at a steep price. Right now, the average taxpayer who files their state return electronically and designates direct deposit should expect to receive their entire refund in 3.5 business days. The money you save by waiting just a few days is worth it.
Sure, an RAL lets you walk out the door with money in your pocket, but it is substantially less than you would otherwise receive. The fees charged for RAL's are often more than the cost of having your return prepared.
A refund anticipation loan is also a risky proposition because it must be repaid even if the taxpayer’s refund is denied, less than expected, or frozen. If the taxpayer cannot pay back the RAL, the lender may send the account to a debt collector.
If you tax preparer tries to steer you to an RAL, find one who won't.
Commute to work on the T, Commuter Rail or Turnpike? You may be eligible for a Massachusetts Commuter Deduction on your tax return! posted on Jul 16
The Commuter Deduction was enacted by the Legislature to cover specific commuter expenses. To help understand the deduction, the Department of Revenue’s DOR University has released an e-learning module explaining what qualifies for a deduction, real-life examples and how you can claim your commuter deduction …Continue Reading Commute to work on the T, Commuter Rail or Turnpike? You may be eligible for a Massachusetts Commuter Deduction on your tax return!
DOR Offers FREE E-Learning Course on Fraternal Organization Tax Responsibilities posted on Jul 9
Help get the word out! The Department of Revenue’s online DOR University has recently developed a new free e-learning course on the tax responsibilities of fraternal organizations. Fraternal organizations are considered a type of Chapter 180 Corporation, which are formed for charitable or other purposes. …Continue Reading DOR Offers FREE E-Learning Course on Fraternal Organization Tax Responsibilities
New Boat Owners: Don’t Get Landlocked This July 4th Weekend! posted on Jun 25
This is traditionally one of the busiest periods of the summer at DOR offices as new boat owners come in to pay sales taxes on their boats or other recreational vehicles, so they can enjoy the holiday weekend on the water. So, want to …Continue Reading New Boat Owners: Don’t Get Landlocked This July 4th Weekend!