21
Jan

House votes for faster tax breaks for Haiti gifts

Posted by admin

American taxpayers who make donations to the Haitian relief fund will be able to write them off under their 2009 tax refund forms that have to be filed by this spring. Under an older law people who make charitable donations this year would have to wait until next year to file them on their 2010 returns but Congress made the exception considering the gravity of the situation in Haiti.

The bill had no opposition at all and was similar to one that was passed in 2004 with the Indian tsunami that took hundreds of thousands of lives when people made similar donations then.  The American Red Cross made the following statement.

“The Red Cross wholeheartedly supports Congress’ efforts to aid charitable giving during this time of unprecedented need for Haiti, The outpouring of support from the American public is making it into the hands of the Haitian people, and this legislation will help us provide even more help and hope to survivors.”

For those same people who are filing their taxes this year, they need to make another decision about the difference between a tax refund loan and a payday loan. Many people are looking to get a tax refund loan which is that is paid out against the expected refund that a person hopes to get on their taxes.

Still, it’s suggested that those people look toward a payday loan instead for a few simple reasons that include the facts that,

  • The tax refund loan is usually based on the amount of money that the person expects to get back from their taxes. Of course no one can accurately predict the real amount that you’ll get back in one of these refunds. Since the tax refund loan is usually based on that amount and the tax preparer bases their fees on that, these numbers could fluctuate.
  • The payday loan is much more stable. When you look on the websites of any of the direct payday lenders that you see on the Internet, one of the first things that you will notice is they are upfront about all the figures that are involved with one of their payday loans. As well the payback terms are derived by your paycheck frequencies and so everyone knows when they get a payday loan what is expected of them when it comes to the numbers involved.

It’s important to remember to the IRS is even considering putting some kind of restrictions on these tax refund loans because some unethical preparers might increase the amount of the loans so that they can increase their fees. By all accounts, payday loans are the better solution when you need a little help to get you over a financial trouble spot.

This news blog post was brought to you by Pay1Day.com, a direct payday lender offering payday loans and current news briefings for the busy people.

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