Detroit Free Press
Friday, February 8, 2013
For many people living paycheck-to-paycheck, a big, fat federal income tax refund just cannot arrive soon enough.
This season's tax refunds, though, are going to be one week late because the Internal Revenue Service couldn't begin processing the vast majority of returns until Jan. 30 because of the fiscal cliff debate.
A week might not mean much to some. But many lower-income households could be more tempted to jump at fast-cash products offered through a tax preparer.
Consumer advocates are pleased to report this is the first year in decades that overpriced refund-anticipation loans will no longer be available from banks on a large-scale basis.
Even so, some high-cost products remain for getting cash quicker.
Liberty Tax Service, for example, has a refund-transfer product called its Instant Cash Advance. A taxpayer could apply if he or she has at least a ...
