Tax season is here, so it’s high time you file your taxes. Although filing taxes can seem like a hassle, the thought of receiving a substantial tax refund does sound nice. Tax refunds are exciting, but waiting for the Internal Revenue Service (IRS) to approve and transfer them can feel like forever.
This year, don’t wait- consider our quick EasyMoney Loan to get your funds before anyone else. EasyMoney Loans is our tax refund advance program that gives you the funds you need during the tax season quickly, so you have funds when you need them most.
The following user guide will provide everything you need about applying for a tax refund through ATC Income Tax services in Atlanta and Milwaukee. Let’s get started!
What is an Easy Money Loan?
Let’s first talk about EasyMoney Loans. But to do that, you must first learn what a tax refund advance is. You could have overpaid your taxes depending on your job, income, and status. In this scenario, the IRS must pay you the overpaid portions of taxes. However, you need to file your taxes for it to happen. Once filed, you won’t receive the refund immediately and may need to wait for them, depending on how you filed them.
If you filed your taxes by mail, don’t expect them to come soon. The IRS can take around half a year to process tax returns filed through mail. But, if you filed them electronically, you may still have to wait around 21 days before receiving any tax refunds. If you need tax refunds immediately, opt for our tax refund advance instead.
A tax refund advance goes by many names: tax loans, tax advance loans, and, in our case, EasyMoney Loans. It is a short-term loan you take against an estimated portion of your tax refund offered by a tax preparer.
These loans work based on paying the tax preparer through tax refunds once they get approved. When a person files for a tax return, depending on the amount, the tax preparer can offer a loan based on the portion of the tax refund amount you need.
Once agreed, the tax preparer pays the amount to the tax filer. The tax preparer waits for the IRS to send the refund. Once deposited, they take out the amount they paid to the filer and send the remaining funds back to them.
This way, the individual receives their tax refunds quickly while not having to pay extra for any loans they took from the tax preparer (*terms and conditions apply).
So, there you have it. EasyMoney loans are our tax refund advance that we offer to tax filers separately while doing taxes. Now, why should you choose our tax refund advance program? Here’s a comparison of what we offer vs what most other tax preparers offer:
|
Feature |
EasyMoney Loan | Typical Tax Preparer Refund Advance |
| Loan Amount Range | $1250 – $6,000 | Often Lower (e.g., up to $3,500) |
| Interest Rate (for larger loans) | 36.0% APR | It can be significantly higher |
| 0% APR Option | Yes, up to $1500 with a $500 ATC Bonus | Less common, usually much lower amounts |
| Flexibility | Choose 25%, 50%, or 75% of expected refund | Often limited loan amount options |
| Fees | May apply for other optional products | Often, additional fees on top of interest are charged |
Am I Eligible for an EasyMoney Loan?
If you want to apply for an EasyMoney Loan, there are specific criteria you need to meet. Here are some key points you need to consider regarding eligibility.
- Minimum Tax Filing Requirements: To avail of our tax refund advance, you must first be eligible for a tax return. That means meeting the IRS minimum requirement for filing a tax return. The requirements can vary depending on you, the tax filer. Here’s a general breakdown of what the IRS considers before filing taxes:
- Income Threshold: First and foremost, you must have a taxable income that exceeds the standard deductions for your filing status. The standard deduction rate changes each year by the IRS.
- Dependents: Having a dependent can also impact your tax returns. The more dependents you have, the lower the income threshold to file.
- Self-Employment: If you’re self-employed, you’ll likely need to file for tax returns even if you have a low net income.
- Tax Return Status: Depending on whether you’re married, single, divorced, or a qualifying surviving spouse, you must file for a tax depending on varied gross income. Contact us to learn more.
- Expected Tax Refund: Depending on how much you get as a tax refund, it will also be part of our eligibility requirement.
Verification Process: Your tax situation will likely involve verification through Pathward’s underwriting standards. Get in touch to learn more.
How Much Can I Borrow with EasyMoney Loan?
The borrowing limit of the EasyMoney loan depends on your expected tax returns. With ATC Income Tax, you can avail of a tax refund advance for between $1,250 and $6,000. We offer loans in portions of 25%, 50% and 75%. Here is a breakdown of how much to expect from your expected tax refund:
| Expected Tax Refund | 25% EasyMoney Loan | 50% EasyMoney Loan | 75% EasyMoney Loan |
| $1,250 – $2,000 | $312.50 – $500 | $625 – $1,000 | $937.50 – $1,500 |
| $2,001 – $4,000 | $500.25 – $1,000 | $1,000.50 – $2,000 | $1,501.75 – $3,000 |
| $4,001 – $6,000 | $1,000.25 – $1,500 | $2,000.50 – $3,000 | $3,001.75 – $4,500 |
Applying for EasyMoney Loan:
With the loan amount out of the way, let’s consider the application process for our tax refund advance:
1. Gather Your Documents:
Before applying for an EasyMoney Loan, you must ensure all documents are in order. Here’s what you need to have on hand:
a. Primary Income Documentation:
You will need to show proof of income. This includes completed W-2 forms, as well as other sources of income (self-employment income, 1099s)
b. Proof of Identity:
In addition, you’ll need to show proof of identity, including your ID card and social security number.
c. Additional Documents (Optional):
Depending on your situation, we might request additional documents for verification.
Tip: Gather everything beforehand to streamline the application process.
2. Start Your Application with ATC Income Tax:
Next, you want to contact ATC Income Tax to initiate the application process. You can contact us in any of the three ways:
a. In-Person Visit:
ATC Income Tax has several offices across Georgia, Wisconsin, and Alabama. If you wish for a more detailed application process, consider visiting your nearest ATC office in these states. Locate one near your current location right away.
b. Phone Call:
You can also call us to talk to our expert tax preparers. They can happily assist you with the overall EasyMoney Loan application process.
3. Verify Your Tax Situation:
To determine the eligibility and loan amount, our expert tax preparers must review some information to verify your eligibility for a tax refund. This might involve:
a. Reviewing Your Income Documents:
If you completed the W-2 and other income documents independently, our professionals will review them to ensure everything is accurate.
b. Tax Return Preparation (Optional):
If you need professional assistance, we can also help prepare your tax return documents to ensure accuracy and maximize your chances of a refund.
4. Choose Your EasyMoney Loan Amount:
Next, you must decide what tax refund you want to access upfront. EasyMoney Loans has flexible options for you to choose from:
a. 25% Loan Advance:
Access up to 25% of your expected refund for small, urgent expenses.
b. 50% Loan Advance:
Access half of your expected refund for a more significant funding boost.
c. 75% Loan Advance:
Acquire up to 75% of your refund for paying debts or larger expenses.
Remember: The final loan amount may be subject to Pathward’s underwriting standards and verification of your tax situation.
5. Review and Approval:
After deciding on the loan amount, we’ll share the terms you need to accept before getting a loan. These terms will discuss details including:
- Loan Amount: the amount you’ll borrow.
- APR (Annual Percentage Rate): The interest rate associated with the loan.
- Repayment Terms: How and when the loan will be replayed.
- Fees: Any additional fees for offering the loan.
Take your time to understand the terms before proceeding. Don’t hesitate to ask further questions regarding our application process. Once you’re comfortable, Pathward N.A. will provide the loan approval.
6. Receive Your Funds:
Once approved, ATC Income Tax will provide the EasyMoney tax refund advance based on the payment method of your choosing:
- Direct Deposit: You can have it directly deposited in your bank account for faster access.
- Check: You can also receive a check for the amount if you’re interested in one.
Tip: For your convenience, mention your preferred method of receiving funds for EasyMoney Loan during the application process.
Repaying Your EasyMoney Loan:
Apart from the EasyMoney Loan process, let’s shed light on its repayment process. Here’s what you need to know:
1. Automatic Deduction:
Once the tax refund is submitted in the joint account created, we will deduct the borrowed amount and any other applicable fees from the tax refunds. Once deducted, we’ll send the rest to you.
2. Transparency Throughout the Process:
We’ll share the repayment terms for you to agree on during the application process. This ensures you’re informed upfront before proceeding with our tax refund advance program.
3. No Additional Out-of-Pocket Expenses:
We’ll ensure you don’t get surprised with hidden fees while repaying your EasyMoney loan. We won’t charge a single penny above the tax refund amount, depending on the amount to repay.
Final Note – Tax Refund Advance
In conclusion, our EasyMoney Loans are the best solutions for those looking for funds on urgency. ATC Income Tax offers a simple and hassle-free process to apply for our tax refund advance. Consider using this guide to help you navigate the loan process and get it before the tax season ends.
Disclaimer: This information is intended for general knowledge only and does not constitute financial advice. For up-to-date and specific details on Easy Money Loan eligibility, loan amounts, and interest rates, please contact ATC Income Tax directly. They can answer any questions you may have and guide you through the application process.
FAQs – Tax Refund Advance
What is an EasyMoney Loan?
An EasyMoney Loan is a tax refund advance offered by ATC Income Tax. It allows you to take a portion of your tax refund before tax approval. It can help those individuals who need money on an urgent basis during the tax season.
How much can I borrow with an EasyMoney Loan?
The amount you borrow depends on the expected tax refund. ATC Income Tax offers a tax refund advance on tax refund amounts between $1,250 to $6,000.
Am I eligible for an EasyMoney Loan?
To be eligible for our tax refund advance, you need to meet the minimum IRS requirements for filing a tax return.
How do I apply for an EasyMoney Loan?
You can apply for an EasyMoney Loan by contacting ATC Income Tax. We offer two ways to apply:
- In-person visit: Visit your nearest ATC Income Tax location.
- Phone call: Call ATC Income Tax to speak with a tax preparer.
