Taxact's Loan Services: What You Need To Know

TaxAct offers tax-related bank products for tax preparers, including cash advances, refund transfers, and software purchase assistance. These bank products are offered by Republic Bank & Trust Company and Santa Barbara Tax Products Group, LLC (TPG), a Green Dot Company, through Civista Bank. TaxAct's cash advance option allows tax professionals to provide a loan to their customers before e-filing starts. The cost of the cash advance is deducted from the ERO's tax preparation fees and cannot be passed on to the taxpayer.

TaxAct offers cash advance loans

The TaxAct cash advance loan is a convenient option for customers who need access to their refund money sooner rather than later. The loan amount is based on the expected refund amount, and the fees associated with the loan are deducted from the tax preparation fees. Customers have the option to receive their loan funds through direct deposit or a prepaid card.

It is important to note that the cash advance loan is not the same as a refund transfer or refund anticipation check (RAC). A refund transfer is a deposit product that allows certain deductions from the account, while an RAC is an alternative to taking on additional debt, where the refund is deposited into a short-term bank account.

TaxAct is not the only company that offers tax refund advance loans. Other tax prep companies like H&R Block and Jackson Hewitt also provide similar services, with H&R Block offering refund advance loans of up to $4,000 and Jackson Hewitt offering loans between $250 and $6,500. These companies often partner with banks or financial institutions to provide these loan services to their customers.

TaxAct's cash advance loans are provided by third parties

TaxAct offers cash advance loans through third-party providers. These include Republic Bank, Santa Barbara Tax Products Group, LLC (TPG), and Civista Bank. TaxAct, Inc. receives fees from these third parties for providing offers to its customers. It is important to note that TaxAct does not provide legal, financial, or investment advice and is not a party to any transactions entered into with these third-party providers.

The cash advance loans offered by TaxAct are known as Refund Transfers or Cash Advances. These loans are available to tax professionals and enable them to provide convenient payment options to their clients. The cost of the Fast Cash Advance, if any, is deducted from the ERO tax preparation fees and cannot be passed on to the taxpayer.

Taxpayers have the option to choose between a Refund Transfer or a direct deposit/prepaid card for disbursement. The Net Refund refers to the expected refund amount after all fees have been deducted. To offer the Easy Advance program, the Electronic Return Originator (ERO) must be enrolled in Republic Bank's Refund Transfer program. Similarly, to offer the Fast Cash Advance program, the ERO must be enrolled in TPG's Refund Transfer program.

Taxpayers can also take advantage of Software Purchase Assistance through the Green Dot Corporation. This allows them to acquire the software they need now and pay for it later using their tax preparation fees once the tax season begins. It is worth noting that the availability of these cash advance loans may vary depending on the number of funded Refund Transfers completed in the previous tax season.

TaxAct's cash advance loans are for tax professionals

TaxAct offers cash advance loans for tax professionals through its TaxAct Professional program. These loans are designed to help tax professionals provide convenient payment options to their clients.

The cash advance loans offered by TaxAct are known as Fast Cash Advance and are provided by TPG, a Green Dot Company, through Civista Bank. Tax professionals can offer these loans to their customers before e-filing starts, providing them with their tax refund in advance. This can be a valuable service for clients who are expecting a tax refund but don't want to wait weeks for the IRS to process their return.

To be eligible to offer the Fast Cash Advance program, tax professionals must enroll in TPG's Refund Transfer Program. The cost per approved Fast Cash Advance will be deducted from the tax professional's preparation fees and cannot be passed on to the taxpayer. Disbursement options for the loan include direct deposit or prepaid card, and the net refund refers to the expected refund amount after all fees have been deducted.

It's important to note that TaxAct itself does not offer legal, financial, or investment advice and disclaims any liability arising from transactions with Republic Bank or Santa Barbara Tax Products Group. Tax professionals should carefully review the terms and conditions of these cash advance loan programs before enrolling.

TaxAct's cash advance loans are deducted from tax preparation fees

TaxAct offers tax-related bank products, including cash advance loans, to its professional clients. These cash advance loans are deducted from ERO tax preparation fees and cannot be passed on to the taxpayer. The ERO must be enrolled in either Republic Bank's Refund Transfer (also known as Pay-by-Refund) or TPG's Refund Transfer Program to offer cash advance programs.

Taxpayers can receive their cash advance loan through direct deposit or a prepaid card. The Net Refund, or the taxpayer's expected refund amount after the deduction of all fees, is then sent to the taxpayer. TaxAct receives fees from third parties, including Republic Bank and Santa Barbara Tax Products Group, LLC (TPG), that provide offers to its customers.

TaxAct's cash advance loan is similar to other tax refund advance loans offered by top online tax prep companies. These companies include TurboTax, which has partnered with WebBank and First Century Bank, and H&R Block, which offers refund advance loans of up to $3,500 with no interest or fees. Taxpayers can also receive tax refund advances from Jackson Hewitt, Cash App Taxes, and Chime.

TaxAct's cash advance loans are disbursed via direct deposit or prepaid card

TaxAct offers cash advance loans to its customers. These loans are provided by Republic Bank and Santa Barbara Tax Products Group, LLC (TPG), a Green Dot Company, through Civista Bank. TaxAct's cash advance loans are disbursed via direct deposit or prepaid card.

If a customer does not choose a refund transfer, also known as pay-by-refund, they can opt for direct deposit or a prepaid card. Net refund refers to the taxpayer's expected refund amount after the deduction of all fees.

The cash advance loan is a convenient option for those who need access to their tax refund early and cannot wait for the IRS to process their return, which can take up to 21 days for electronic filings and up to 8 weeks for mailed returns.

It is important to note that the cost to ERO per approved cash advance, if any, will be deducted from ERO tax preparation fees and cannot be passed on to the taxpayer. Additionally, TaxAct does not provide legal, financial, or investment advice and disclaims any liability arising from transactions with Republic Bank or Santa Barbara Tax Products Group.

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