Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive
150x172_CUEffect.jpg
Contacts
LISA MCCUEVICE PRESIDENT OF COMMUNICATIONS
EDITOR-IN-CHIEF
MICHELLE WILLITSManaging Editor
RON JOOSSASSISTANT EDITOR
ALEX MCVEIGHSTAFF NEWSWRITER
TOM SAKASHSTAFF NEWSWRITER

News Now

CU System
Wisconsin CUs urging tax filers to use quick options
PEWAUKEE, Wis. (4/1/09)--Wisconsin credit unions are encouraging tax filers to use direct deposit when receiving their tax returns. When paired with state and federal electronic filing options, this method can deliver tax refunds within days. Consumers can open a basic savings account at a credit union for as little as a $5 deposit. “Although we’re approaching the end of tax season, Wisconsin consumers still have free options available that can save time and money--especially if you’re filing a simple tax return,” said Brett Thompson, president/CEO of the Wisconsin Credit Union League. “Even for those who get assistance from a tax preparer, there’s no need to pay additional fees to get a refund quickly.” Wisconsin credit unions have assisted at volunteer return preparation sites throughout the state this tax season, operated in partnership with the Internal Revenue Service, the state Department of Revenue and AARP. The sites offer free tax preparation, tax education and asset-building strategies, and help filers claim their full refund by using direct deposit. Many filers think the only way to get their refund quickly is through paid preparation firms that charge excessive fees, said the league. Thompson said short-term, high-interest loans like refund anticipation loans (RALs) are heavily marketed during tax time and can drain hundreds of dollars from a typical refund. These loans cost Wisconsin tax filers $21.8 million in 2006--the most recent year for data--in exchange for the promise of a fast refund. Data show that RAL usage increases considerably among Wisconsin taxpayers eligible for the Earned Income Tax Credit (EITC)--a credit for low to moderate-income filers. Nearly 18% of EITC filers use RALs to receive their refunds, compared with 3.4% of all Wisconsin tax filers. EITC-qualifying tax filers who use RALs lost $13.7 million in 2006.
Other Resources

RSS





print
News Now LiveWire
.@CUNA's @Nussle on @SenatorReid :(2of2)On behalf of more than 102M #CU members,I thank him 4 his leadership over the yrs/wish him the best.
54 minutes ago
.@CUNA CEO Nussle on Sen. Reid’s decision not 2 seek re-election (1of2): Sen. Reid has a long history of #CU support throughout his career.
58 minutes ago
#Jobless claims duck under 300K for 3rd straight week #Market #Economy http://t.co/jOsZWf9HNJ
1 hour ago
62% worry about financial stability: @CUNAMutualGroup study http://t.co/5jCM1I1hnA
2 hours ago
.@nytimes reports Sen. Harry Reid, Senate Democratic leader since 2005, will not seek re-election next year,
4 hours ago