As tax season is in full force and each company has their own products it is interesting to see what they have to offer. H&R Block offers the money now loan. “You are able to receive your taxes back in ten minutes, 24 to 48 hours or 7 to 10 days. They will also allow you to e-file only (H&R Block, 2009).” Jackson Hewitt also offers you “the option of receiving your taxes back in ten minutes, 24 to 48 hours or 7 to 10 days. They will also allow you to e-file only (Jackson Hewitt, 2009).”
Although their tax services seem to be the same each of these companies offer different methods to receive your refunds. H&R Block will either issue you a check or you can load your money on their Emerald Card. This card is a prepaid MasterCard that is offered to the consumer in order to prevent them from having any additional check cashing fees in order to receive their money. Jackson Hewitt will either issue you a check or you can load your money on the I-Power Card. I-Power card is a prepaid Visa that is also offered to the consumer in order to prevent them from having any additional check cashing fees to receive their money.
Each of these companies offers the consumer the quickest and best way for them to receive their tax refund. Are these products really what are best for the consumer? It depends on how you look at it. If you need money for an emergency and these options are available to you than it could be what is best for you. On the other hand if you do not need your money for an emergency the options of getting your money quickly or putting your money on these cards are quite expensive. You could get more of your refund if you opted for the e-file only option and take your refund check to your bank. I know there are those people who do not have bank accounts for them to deposit their checks into so the options of the prepaid cards are what are best for them. Each of us must make our own financial decisions and it is nice to have these options available to use.
References
H&R Block (2009). Retrieved February 4, 2009. from, http://www.hrblock.com/taxes/products/product.jsp?productId=31
Jackson Hewitt (2009). Retrieved February 4, 2009. from, http://www.jacksonhewitt.com/
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I wonder how much these companies make each fiscal year. I asked this because when you think about it they only do business from January to April. I believe during tax time these companies make a lot of money. Not only preparing taxes, but the money now loan, and advance cash. They make a pretty penny during tax season. I also wonder what will happen when more and more people use online services. It seems as though online services are becoming more popular to people.
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