Taxes are a part of life, we all have to pay them. Whether you work part-time or full-time, you may owe taxes to the federal government as well as your state and local government (depending on which state you live in).
According to IRS data, the average tax refund in 2024 was $3,050. If you received a similar refund last year, it could mean that you’re withholding too much money, meaning that you gave Uncle Sam a tax-free loan all year.
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On the flip side, if you’re not withholding enough money, you could potentially owe a significant tax bill. To ensure that you’re paying the proper amount of taxes throughout the year, check with your human resources (HR) department to ensure your withholdings are correct.
For those of you who expect a refund this year, it can be pretty inconvenient to have to wait until April to get your money back. Fortunately, there are two options to get your tax refund sooner, thanks to H&R Block and TurboTax.
H&R Block Is Offering Their Refund Advance Loan
H&R Block recently announced that for taxpayers who file their 2024 tax return between Jan. 3 and Feb. 28, they’re bringing back the popular Refund Advance loan. Those who qualify will be able to get an advance loan of up to $4,000 with virtually no strings attached.
“This year, we’re thrilled to expand the Refund Advance loan offering, allowing filers to apply for a loan of up to $4,000 within minutes of filing without interest, loan fees or complications,” said Curtis Campbell, president of global consumer tax and chief product officer at H&R Block in a recent press release.
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Here are the key features you can expect with H&R Block’s Refund Advance loan:
- Receive Up to $4,000: A Refund Advance loan can be issued in one of five amounts: $250, $500, $750, $1,250, or $4,000.
- No interest and no loan fees
- Quick access to funds
- No credit impact and high approval rates
- Repayment with tax refund: An H&R Block tax professional will assist in setting up repayment from the tax refund, ensuring that the loan is automatically repaid once the refund is received.
Interested H&R Block filers can consult with one of the firm’s financial professionals to apply for a Refund Advance loan.
Intuit’s TurboTax Is Offering Customers Their Federal Tax Refund 5 Days Early
This year, Intuit’s TurboTax is offering the first and only fast refund guarantee that delivers federal tax refunds five days early, no matter the filer’s banking institution. The goal of this initiative is to help consumers get quicker access to their funds.
“We are proud to continue advancing our faster refund offerings … to arm our customers with the financial flexibility and security they deserve,” explained Mark Notarainni, executive vice president and general manager of Intuit’s Consumer Group, in a recent press release. “We are giving our customers unparalleled access to their hard-earned money at affordable prices … with greater ease and peace of mind.”
Those who file through TurboTax will simply need to pay a one-time $25 flat fee to have their federal tax refund deposited into a connected bank account five days early. In the event that the refund is not delivered early, customers will not be charged the fee.
Customers may file their 2024 tax return on their own using TurboTax software or may consult with a TurboTax live expert starting Jan. 15.
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This article originally appeared on GOBankingRates.com: How To Get Your 2025 Tax Refund Sooner If You File With H&R Block or TurboTax
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