tax advance or holiday cash for self employed folks?
plainandsimplythebest asked:
i have seen many questions already about holiday tax advance. but i wanted to know about …..what if your self employed can you still get or apply for an advance? i have someone who i usually get to do my taxes so if i go to h&r do i have to file my taxes with them? and last are these advances credit based?
a little more info i have been self employed for several year and have always gotten a refund i have six kids 4 of them under 12
Chances are, if you are self employed, you are not going to get a refund. That's what the tax advance is all about. The tax preparers are buying your refund from you in advance of you receiving it. As a self-employed person, you have not paid any source deductions on your income so there is nothing to credit to you.
Also, be warned that the tax preparers who are buying your refund will take a percentage that can sometimes be more than any interest you might pay on a loan (if you have a decent credit rating) for a similar period of time.
The whole process is different this year. It is no longer about your taxes-it is strictly a cash advance on a debit card so "NO" you won't have to do your taxes with whoever you get the loan from.
It's possible for a self-employed person to get a refund even if they don't make estimated tax payments.
First, they make very little money and then they have 2 qualifying children for EIC.
However, most places that offer refund anticipation loans won't do so if EIC is the source of the refund. The IRS scrutinizes self-employed people harder than W-2 recipients.
Unless you are making quarterly payments and paying in too much, your "refund" isn't really a refund, but is an Earned Income Credit. You could check with H&R Block to see if they are doing their advance cash thing for EIC, and whether they are `credit related. What they are doing this year is totally different from what they did last year.
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