Market Overview

RefundNote Is Disrupting The Automated Tax Preparation Service Industry


SAN FRANCISCO, July 19, 2018 (GLOBE NEWSWIRE) -- The company, RefundNote, describes itself as a "better alternative to payday loans" and claims to offer a tax refund advance of up to $2,500 with no hidden fees and low-interest rates. This conveniently gives people their tax refund money faster so that they don't have to wait for the federal government to send it. The cash advance later gets paid back once the government finally issues the tax refund. The only money that the borrower needs to pay is the small amount of interest which has accumulated during that time.

The advance amount depends on the estimated amount of the tax refund. To ensure that their customers receive the maximum tax refund possible, RefundNote offers automated tax preparation services in addition to their advance loans. These services give their customers access to a series of online tools to simplify the tax preparation process for them. Users can safely upload all their tax documents (W2 statements, past tax returns, etc.) to a secured server where they can easily organize their calculations and figures. A certified tax preparer will automatically be able to review the documents for accuracy and help figure out the proper tax refund amount for the individual. 

"Instead of dealing with increasing tax complexity and dreading tax time, people should come to us for their tax needs. We collect and organize tax documents throughout the year and our professionals automatically file during tax season and maximize tax refunds," Gaurav Khanna said, who is the CEO of RefundNote. "It's exactly the kind of refreshing experience I set out to offer and I'm excited we're opening it to the general public soon."

RefundNote targets a specific portion of the workforce that makes up the gig economy. These are the freelancers and contract workers who get paid for each job they do, such as freelance writers, graphic designers, construction workers, and so on. It is estimated that 34% of all workers today are involved in the gig economy in some way. By 2020, this percentage is predicted to increase to 43%.

RefundNote claims to provide a better and less costly way of keeping track of all these income streams. They keep track of the changing tax laws so that customers receive the highest tax refund possible. The service is available for free with all tax refund advance customers.

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Gaurav Khanna

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