Q. What is electronic filing (e-filing)?
A. Electronic filing means we transmit your return to the IRS by computer instead of you mailing it to them by U.S. Mail.
Q. What is the advantage of electronic filing?
A. The advantage is that you receive your refund in about two weeks instead of the usual ten weeks. Another advantage is there are fewer IRS errors because human data entry is eliminated.
Q. How long does the whole electronic filing/refund process take?
A. It takes 8-14 business days to receive your refund from the time the tax return has been e-filed.
Unless you have selected Refund Anticipation Loan (RAL), in that case you can have the refund in as little as 48 hours.
Q. How much does it cost to electronic file?
A. Electronic filing adds $19.95 to your tax return preparation fee.
Q. What must I do to electronically file?
A. While entering your data, check the Electronic File box on the Payment form.
Q. What is a Refund Anticipation Check?
A.
A Refund Anticipation Check (RAC) is a check or direct deposit issued to you by a bank in the amount of your tax refund less your tax return preparation fee and bank’s processing fee.
Q. How soon can I get my RAC?
A. Generally, about 14 days. First, you prepare and electronically file your tax return. The IRS must then accept your tax return, which takes about 24 to 48 hours. IRS then notifies the bank upon approval of your refund. The approval process takes about 8-15 business days. Your refund is then deposited with the bank. The Bank immediately deducts the tax return preparation fee, bank processing fee and issues and authorization for Taxes By Experts to print and mail out a check to you. If you chose to directly deposit your refund into your bank account, the bank will deposit the Refund into your bank account, immediately after all the fees have been deducted.
Q. How much does a RAC cost?
A. The bank fee is $30.95. The transmitter charges are $54.
Q. Can I pay for my return preparation using RAC proceeds?
A. Yes. Although there is a processing fee for a RAC, you can choose to pay these fees along with your return preparation fee using RAC proceeds. Thus, there are no out-of-pocket costs to you. For most returns, ALL fees total about $120, including return preparation. RAC is available from January 16 to October 21.
Q. What is Refund Anticipation Loan (RAL) ?
A. A Refund Anticipation Loan (RAL) is a check or direct deposit issued to you by a bank in the amount of your tax refund less your tax return preparation fee and bank’s processing fee. The maximum amount of RAL is $3,000. If your refund is greater than $3,000 you will get a second check for the remaining portion once the IRS has funded your account. You will receive RAL faster than RAC.
Q. How soon can I get my RAL?
A. Generally, 24-48 hours. First, you prepare and electronically file your tax return. The IRS must then accept your tax return, which takes about 24 to 48 hours. Once the tax return is acknowledged by the IRS, the bank is notified. The bank immediately processes the RAL application in order to approve the taxpayer. The approval process is usually complete within 24 hours. The Bank immediately deducts the tax return preparation fee, bank processing fee and issues and authorization for Taxes By Experts to print and mail out a check to you. If you chose to directly deposit your refund into your bank account, the bank will deposit the Refund into your bank account, immediately after all the fees have been deducted.
Q. How Much Does A RAL Cost?
A. The Bank fee is $30.95 (account handling fee) plus finance charge depending on the amount of Refund Loan, see chart:
| REFUND LOAN AMOUNT | Finance Charge |
| $500 | $17.50 |
| $750 | $26.25 |
| $1,500 | $52.50 |
| $2,000 | $70.00 |
| $3,000 | $100.00 |
Q. Can I Pay For My Return Preparation Using RAL Proceeds?
A. Yes. Although there is a processing fee for a RAL, you can choose to pay these fees along with your return preparation fee using RAL proceeds. Thus, there are no out-of-pocket costs to you. For most returns, ALL fees total about $120 and above, including return preparation. RAL is available from January 16 to April 15.