Tax preparation and software companies H&R Block and Jackson Hewett and Intuit's TurboTax offer loans against anticipated tax refunds, which may become more popular in times of high inflation.
The increases come as a survey last month by tax preparation firm H&R Block showed 69% of employed individuals are "extremely concerned"Those over age of 40, women, single moms, and people with fair to poor credit are most likely to have experienced a worsened financial situation, with fewer work hours, no raises, and higher prices primarily to blame.H&R Block in among tax preparers and tax software companies that offer loans against anticipated tax refunds.
For example, President Joe Biden’s American Rescue Plan increased the child tax credit to $3,000 for each qualifying child between ages 6 and 17 and to $3,600 for each qualifying child under age 6 — but only for 2021. The law also offered early payments of up to 50% of the estimated amount.
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