Released February 22, 2010
STILLWATER, Okla. – With tax season now in full swing, many taxpayers are anticipating getting a refund.
Unfortunately, new figures indicate that some of the country’s most financially vulnerable taxpayers – those from low- and moderate-income families – lost about $800 million from their refunds last year.
The lost funds were in the form of fees and interest paid for quick tax refund loans, said Sissy Osteen, Oklahoma State University Cooperative Extension resource management specialist.
“Consumer advocates are warning income tax filers away from controversial refund anticipation loans this tax season,” Osteen said. “Unfortunately, many tax payers need to receive their refunds quickly, but what they don’t realize with these rapid refund offers is that they’re actually taking out a loan against their refund. They are not getting their actual refund early.”
--continued on Oklahoma State University news
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