Bank Products & Tax Software

[Bonnie]

Bonnie how did you like their customer service? Did you issue checks or cash cards? What made you change to them from chase?

Sorry I haven't been back on here in awhile. Chase quit paying a bonus to the preparer. Refund Advantage offered a very nice bonus program. I thought it was worth a try and have been very happy. Yes, I have talked with customer service and can highly recommend them. They have been very helpful. I used checks myself and printed them here in my office. They do have cash cards. I have a bad taste for them because of past experience with another company. The one thing I really liked about Refund Advantage was that they allow the preparer to set the fee. I've always thought Rapid Refunds were a rip off so never promoted them. But there are people who want them or need them for one reason or another so I like being able to provide that service for those customers without charging them an outrageous price. I can set a lower fee and not feel like I've riped them off. Also I like the ability to do a bank product for the state without the federal which allows fees to be taken out of the state refund for those customers who can't pay up front. There is just so much flexability with their products. They also have a web based program where your customer can go to see if their check is available. Saves them always calling the office. That's a very nice feature.

[GTS1101]

Question about cashing Checks with Refund Advantage

Hi Bonnie,

Thank you so much for all your information about Refund Advantage. I have a few more if you don't mind. With Refund Advantage what bank are the checks drawn on? Are they cashier checks like all the other banks offer? And have your clients had problems cashing them if they are not a major bank? I was very excited about using Chase because they are one of the largest banks now and I am assuming clients will have no problems cashing their checks. And from what I understand Chase is not charging customers to cash checks even if they don't have an account with them. With Refund Advantage I believe you said it works with direct or indirect? Do you have to purchase software from them? Or is it part of your tax software package. I am very very unhappy with Taxwise this year. But it seems as if all the other software vendors are more input based software rather than forms based. I like the freedom of going directly to the form instead of answering questions. I am most likely going to attend the IRS nationwide forum in the summer to take a look at all the software vendors. Taxwise this year is charging customers an extra 15.00 bank technology fee for RAL's that does not go to the bank. It goes to CCH Taxwise. They are only charging it for Chase bank products even though it does not go to the bank. It goes to Taxwise. I told them it is very misleading and I feel like they are gouging the customer. They already charge 10.00 which 4.00 goes to me and 6.00 to them for processing the RAL. They get $21 for each RAL. I am really miffed about that. Especially in a down economy it seems very unfair. Thanks again for your input and for sharing your experience with Refund Advantage. It really helps to make a informed decision next tax year.

GTS1101

[OtisMozzetti]

Excellent posting, Feduke404!

I tend to agree. The vast majority of my clients are of above-average "tax intelligence" and they/I realize with e-filing and direct deposits tossing any money away on a quick refund is generally not wise.

Also I do my very best to counsel my clients so they will not be in a position of getting a large refund in the first place, via prudent withholding and management of estimated tax payments.

Of course, I have also spent some time working in store-front places and many of those folks would willingly pay 90% of their refund just to have their money "today."

It's a crazy world..........

FE

Excellent posting, Feduke404! It seems to me that the minds of many of these folk blend the costs of bank products into their memory of tax preparation fees, resulting in a substantially higher perceived cost for tax pro service. Whenever I can help someone to realize that the bank products aren't worth it, I am more likely to gain a long-term client.

Another fact is that "take the fees out of the refund" bank products are very popular, even though "pay fees upfront and get your direct deposit a week from Friday" (most likely outcome) should be the most attractive way to go for anyone with really good sense.

To pay upfront is thought of as real money, but "take the fees out of the refund" is not understand to be real money.

[geekgirldany]

I was just looking at the Chase RAL application form, it appears I have to list what I will charge for the RAL process. What are the ususal charges for doing the forms?

[Peachie]

John Valko;70641 said: I have been using Taxworks for about 10 years. Prior to that I used a software product called Tax Relief for about 17 years. They got merged with another company as many have and I was not comfortable with the design of the product. I came across Taxworks kind of by accident but I'm glad I did. Its a great program, simple to navigate and very complete. Its a bit expensive but I think its well worth the price which was $1,725.00 this year but that was including a $1,500 discount for renewal and early purchase. The program includes a complete Combination 1040, 1041, 1065, 1120, 1120S Package & All States. It also includes FREE electronic filing. Even when you look at if you were to pay full price for the program at $3,295, it would pay for itself in about 20 tax returns. I think it's a small price to pay for good software.


Peachie tips by and says: I used this product years ago and found them to be quite expensive for what was offered. I see they still are. I use to have many problems with the software. Glad to see that it's worked great for you John.

I use Taxslayer Pro (this is what I statred using after leavingTaxworks) and it does all of the things Taxworks does for half the price which seems to pay for itself in half the returns Taxworks does. This comment is not meant to be argumentative, I just brought it up because I use to use your same product and got the same thing for lot less money. Sometimes expensive doesn't always mean the best bang for the buck.

Now, don't be offended by my comments because I don't mean to offend at all. Once tax season is over--get the trial version of Taxslayer Pro and see if you might like saving $900. If not, it's ok.

Thanks for your time.

Peachie

[Larmil]

TaxWorks

I used Taxworks several years ago. Then I left it for TAASC. When TAASC shafted their users about 2001 I went back to TaxWorks. No software is perfect. TaxWorks seemed to fit my practice.

What I like probably best about TaxWorks is their companion program ArkWorks. I had made a crude attempt to go paperless when ArkWorks was introduced. I was one of the first to buy ArkWorks and I have never been sorry I did.

[S T]

TaxWorks and ArkWorks

Larmil,

I left Lacerte when Intuit purchased them and the costs were so high and went with TaxWorks. Not really sorry, then they introduced ArkWorks for paperless and I have been migrating to paperless. That has been a good move as well.

Still a little unsettled about Tax Works now RedGear merged or was bought out by the HRB conglomorate, but so far so good! Their tech support is mostly good, only a few issues depending on who you speak to. Cost is a definite plus. (No I am not promoting them just sharing).

So another year!

Sandy

[David1980]

The one thing I really liked about Refund Advantage was that they allow the preparer to set the fee. I've always thought Rapid Refunds were a rip off so never promoted them.

Same here, so I'm curious as to how this "set your own fee" thing works. I assume there's a minimum, or that would just be crazy (free RALs!)

Is the minimum just cheaper than going with one of the other banks? Turn-around about the same for a RAL, basically within 1 day of an IRS ack?

[Bonnie]

I assume there's a minimum,

---Yes there is a minimum as the company gets that and whatever you want your fee to be you set that portion. This is the basically the processing fee for the bank product. For the federal it can range from $21-$39 and of course the bank interest is added to this fee. You can also process a state only for as low as $8 to a max of $17. This is not a rapid refund product but a means to take out your fee for customers who can't afford to pay you. The $8 to $17 is the total fee for this. State deposits refund in bank, bank subtracts your tax prep fee and bank fee and either redirects customers remainder of state refund as a direct deposit to their bank account or you print a check for the customer for the remainder of state refund. Cheap product and a way to assure you get paid. Most banks won't let you do a state only.


Is the minimum just cheaper than going with one of the other banks? Turn-around about the same for a RAL, basically within 1 day of an IRS ack?[/QUOTE]
Yes, I'd say the minimum is cheaper than other banks and the turn around is the same.

Check this all out at www.refund-advantage.com You can see the pricing there.