St. Louis (KSDK) - The Better Business Bureau is warning St. Louis area residents about what to watch out for and how to avoid losing money this tax season.
The group says be wary of so called tax refund anticipation loans, because of hidden fees and high interest rates. The Better Business Bureau says interest rates on rapid refund loans can sometimes be as high as 500%, so you're better off waiting the two to three weeks it takes the IRS to deposit the money in your account.
The Better Business Bureau also says you should be careful picking a tax preparer, so you know what you're getting into. The group says it's a good to follow the tips below.
- Ask for referrals on tax preparation services
- Check the preparer's credentials
- Read the contract
- Check your return when you get it
The Better Business Bureau says following these simple steps, ensure you'll get what you're expecting.