If you’re on SSDI (Social Security Disability Insurance) and used Taxcut Online from H&R Block to file for your stimulus payment, it may have told you to print out the wrong form. The right form is 1040A, not 1040EZ.
Last week we wrote about I-Can! E-File, a free electronic filing service for your federal income taxes. It’s a great idea, and we’re thankful to the Legal Aid Society of Orange County for doing something like this—but you might want to find an alternative this year and give them some time to work out the kinks. Today a reader emailed us to point out that icanefile.org’s password system can be easily cracked, because instead of letting you choose an original password, it requires you to use your name and social security number to set up an account.
I-CAN! is a web-based tax preparation tool that will file your tax return completely free of charge. I-CAN has no eligibility criteria or income restrictions and will eFile your state return for free if you live in California, Michigan, New York, Pennsylvania or Montana. It almost sounds too good to be true. So why isn’t I-CAN! a member of the IRS’ Free File Alliance?
Reader Justin writes in to tell us how to opt-out of H&R Block’s arbitration clause in their 2007 Client Service Agreement.
Refund anticipation loans are bad enough, but H&R Block and Jackson Hewitt want you to get a RAL, and then put it on a fee-riddled pre-paid debit card. What a great idea!
Kevin sent in this ad for H&R Block trying to market to college kids by giving them $10 in “pizza cash” if you file through H&R Block. This sounds tasty, except that due to their low income, most college kids won’t have to pay any taxes and it’s pretty easy to do with FreeFile through the IRS.gov website, for free, natch. But file through H&R Block and you’ll probably be paying at least $60. So, you could buy yourself $10 of pizza, or pay $50+ for H&R Block pizza. They still teach math in college, right?
H&R Block has decided to admit defeat after a plan to sell its troubled subprime lending operation to Cerberus Capital Management LP finally unraveled.
H&R Block Inc., our nation’s largest tax preparer, is now missing CEO Mark “Anybody Wanna Buy A Subprime Lender?” Ernst, after losing $1 billion in the subprime meltdown.
The subprime lending arm of tax giant H&R Block continues to hemorrhage money, to the extent that it’s close to being unsalable, according to Bloomberg.
H&R Block Inc.’s mortgage unit lost a $1.5 billion credit line, falling “dangerously close” to the minimum amount demanded by a hedge fund firm that has agreed to buy the money-losing home lender.
The company reported losing $85.5 million, or 26 cents per share, during the February-April period, which is when the nation’s largest tax preparer sees the majority of its revenue. By comparison, the company earned $587.5 million, or $1.79, during the same period a year ago.
H&R Block says it will sell its subprime lending operation to a private equity firm.
We haven’t been getting many complaints about tax places this year but as far as we know, they still suck. They’re known for messing some people’s returns up pretty bad, or encouraging people to take questionable deductions. Like making up a child, for instance. Here’s a walk down memory lane, a lane that’s definitely shady…
The number of refund anticipation loans declined 22.5% last year as consumers took advantage of cheaper and only slightly slower alternatives, NYT reports.
H&R Block is offering Tax Cut Basic federal tax preparation software to directly compete with TurboTax. It’s free, for a price.
- Some of America’s most cash-strapped taxpayers – those from low- and moderate-income families – spent nearly $1 billion in the latest year recorded for what is almost always an unnecessary product: the so-called “refund anticipation loan” at income tax time. With another tax season gearing up, consumer advocates at the National Consumer Law Center (NCLC) and Consumer Federation of America (CFA) are warning taxpayers to steer clear of refund anticipation loans (RALs), one of the most avoidable tax-time expenses. New figures reveal that RALs drained about $960 million in loan fees, plus over $100 million in other fees, from the wallets of nearly 9.6 million American taxpayers in 2005. “Taxpayers can save themselves over a billion dollars by just saying ‘no’ to quick tax refund loans,” says NCLC staff attorney Chi Chi Wu. “These loans take a chunk out of your hard earned tax refund, and they expose you to the risk of unmanageable debt if your refund doesn’t arrive as expected.”
TRA’s are bad! Just say no.—MEGHANN MARCO
The Consumerist has its fair share of typos, but at least we don’t make them in a fixed medium.