Tax Season Words of Wisdom from Joe Stanley

Tax Season Words of Wisdom from Joe Stanley


It’s that time of year again, TAX Time

I took some questions this week on 93Q with Ted & Amy re: tax season. Here’s the interview!

Amy: “Well tax return season is upon us, and although there are still some rules in place, it’s still allowed for businesses to give loans against your actual tax refund. We talked about this with lawyer Joe Stanley, who also says loans against your paycheck, I keep seeing commercials for that, are also most of the time not a real good idea. Joe?”

Joe Knows: These are paycheck loans, and that’s what the Government changed rules about how much they could charge. You’re paying a huge fee to get it.

The problem is is that say you get $400 and you’re paying $50 to get your money four days in advance to pay your bills, if you’re only getting $400 and you’re paying $50, what is that as a percentage of your paycheck, A LOT!

So if you’ve gotta get your check early to pay your bills, this isn’t helping you. I mean that’s the reason they wanted to change the rules.

Amy: So they have some legislation in place, but I guess it has not been passed yet.

Joe Knows: No not yet.

Ted: Another thing, I mean, you know, they make it sound like such a good idea that it’s actually your money-

Joe Knows: Well, … either your paycheck or your tax refund, you know you’re gonna pay a fee. It’s Usury, a fancy word, but that’s what it is, a Usury fee– and it’s a bad, bad deal.

It can be like 25%. Not the best idea if you can at all avoid it. 25% is a lot of money.

While Joe Stanley of Stanley Law Offices is focused on personal injury law, he answers all types of questions on his weekly radio show segments across Upstate New York. As an advocate for consumers’ rights, Joe believes the more information you have, the better choices you can make. If you have a question, email Joe at If you or someone you love is seriously injured, call 1-800-608-3333.