Cincinnati, OH–(HISPANIC PR WIRE – PR NEWSWIRE)–January 8, 2008–MyEFileTax.com’s founder Robert Seibel, CPA has created a resource for working individuals who often struggle with the preparation of their 1040A or 1040EZ and are more likely to fall victim to high interest rate tax refund products. “Many people believe that if they try to fill out their own tax forms they will miss tax deductions and tax credits they are eligible for. It is difficult seeing hard working people pay over $200 to have a 1040A prepared for them and then lose more than half of their tax return to the fees and interest rates of refund anticipation products,” Seibel said.
The average refund anticipation loan (RAL) product carries a minimum annual interest rate of 33%, charges hundreds of dollars in fees and according to the Fair Isaac Credit Reporting Act, can result in the user’s credit score being lowered by up to 12 points. In many states RALs are considered predatory lending products because they reduce a taxpayer’s tax refund by approximately $530.00 for every $1000.00 owed to the taxpayer. “As a CPA, I feel it is my responsibility to help people protect their financial future and avoid services and products that take large portions of the money that rightfully belong to the them,” Seibel said. All tax refunds owed to MyEFileTax.com users are deposited directly into the user’s bank account by the IRS within 7-10 days of tax filing, free of charge.
“Every working person in this country both English and Spanish speaking has the right to understand the tax system. No one should feel intimidated by taxes or be taken advantage of because of their lack of understanding. My hope is that the information on MyEFileTax.com will demystify American tax requirements and help working people keep more money in their pocket all year long by not overpaying into the tax system. All the educational material, including new tax information and the revised earned income tax credit (EITC) requirements is written in a plain, conversational style in both English and Spanish and can be accessed free of charge,” Seibel said.
MyEFileTax.com is the only on-line tax preparation and e-filing service on the web that allows users to hear all tax instructions and helpful information automatically. “Many people I work with, once I explain everything in a conversational style, find that preparing their taxes isn’t as difficult as they thought it was going to be. The realization that most people learn when they can see and hear important information led me to include a full audio overlay on the MyEFileTax.com site,” Seibel said.
The inclusion of full audio to the MyEFileTax.com website gives sight impaired workers the opportunity to independently determine what information they wish to enter on their taxes without having to rely on a third party interpretation. The audio overlay makes tax preparation easier for individuals that have learning disabilities that prohibit them from processing and understanding information that is only presented visually.
Where many other online services require the user to pay more for the ability to print out their final tax return, store copies of their tax return with the online service provider and receive support in the event that the user is audited by the IRS, MyEFileTax.com includes all these capabilities automatically. Both H&R Block and Jackson-Hewitt estimated that their fees for preparing just a federal income tax return for a single parent with two children earning $34,000 last year with two W-2’s would be between $200 and $250. With MyEFileTax.com, access to all information and services necessary to completely and correctly prepare and electronically file the federal 1040A and 1040EZ tax return is available for $14.95.