Keep All the Money that Belongs to You

Earned Income Tax Credits are designed to help low-to-moderate taxpayers keep more of what they earn. When these people use a paid tax preparer coupled with a "refund anticipation loan" (RAL), they end up paying a high price for their actions.

The Brookings Institution estimated that the average cost for a tax filer who uses a tax preparation service and RAL is about $220. Many low-income individuals, moreover, don't have a bank account, so they end up paying an additional fee to have the IRS check or loan check cashed.

Here's a way to get all of the money that belongs to you:

Get Free Help Filing Your Federal Tax Returns

The IRS offers free tax preparation through a program called Volunteer Income Tax Assistance (VITA). VITA sites are open across the nation from January through April 15. Many of these sites know have electronic filing of tax returns.

When a taxpayer files a federal return electronically, and has a bank account (checking or savings) where the refund can be deposited directly, the IRS refund will usually arrive within eight to ten days.

Be smart, and keep all of the money that belongs to you.