Short story, by luck and intrepid endeavor I have learned the business model for low income tax preparation. I know how it works and how the money is made and it is akin to a cash advance/paycheck loan type market.
The customers are "need cash now" types who are in line to get a hefty tax refund, the tax preparer partners with a bank to hand them a refund check minus fees...and the fees are crazy for the simplicity involved with someone working a wage earning job.
Here's the catch, its all in the marketing. There are VITA tax centers all over america run by volunteers that will do a person's taxes for free if you make under 58,000. You get your refund via direct deposit and pay fees to no one.
I am undecided if this is an avenue I should pursue, the money would be good but part of me feels like its running a legal scam...ie like setting up a "borrow books for 25 cents" stand in front of a library.
I'd be interested in hearing from others who have incomes made from low income customers.
The customers are "need cash now" types who are in line to get a hefty tax refund, the tax preparer partners with a bank to hand them a refund check minus fees...and the fees are crazy for the simplicity involved with someone working a wage earning job.
Here's the catch, its all in the marketing. There are VITA tax centers all over america run by volunteers that will do a person's taxes for free if you make under 58,000. You get your refund via direct deposit and pay fees to no one.
I am undecided if this is an avenue I should pursue, the money would be good but part of me feels like its running a legal scam...ie like setting up a "borrow books for 25 cents" stand in front of a library.
I'd be interested in hearing from others who have incomes made from low income customers.
Why do the heathen rage and the people imagine a vain thing? Psalm 2:1 KJV