13 WTHR Indianapolis"Free" tax prep not always free

"Free" tax prep not always free

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Mike Wilson Mike Wilson
INDIANAPOLIS -

Tax return companies are trying to get your attention by offering free tax preparation service, but that service may only be good for certain customers.

Mike Wilson at Jackson Hewitt says the 1040EZ free his company offers is about building relationships with customers. Wilson says usually the people taking advantage of the free service are first time filers, taxpayers with obviously no deductions, and sometimes people who are not looking for fast cash back.

People looking for quick return money will face quick refund charges which are basically bank loans. Immediate refund fees include a $61.22 bank fee and 124.14% APR interest charge.

Tax return expert Robyn McMahon of H&R Block says they have already done away with bank loans for refunds. She expects that to be the norm next tax season based on new tax laws set by the government on behalf of consumers.

Indianapolis CPA and Ivy Tech Community College Professor Jennifer LeSure is a finance expert. LeSure advises people to think twice about paying fees to get their own money back faster. She believes waiting the few days is worth it.

At the same time, LeSure advises families filing the more complicated returns should consider spending the extra money for an expert on tax returns could maximize your return. As an accountant she stresses every tax payer earning an income tax "return" deserves every penny back from Uncle Sam.