System and method for providing a loan to a taxpayer

• US 8,548,883 B2
• Filed: 10/23/2006
• Issued: 10/01/2013
• Est. Priority Date: 01/14/2000
• Status: Active Grant

• Current Assignee: H&R Block Tax Services LLC (H&R Block, Inc.)
• Original Assignee: H&R Block Tax Services LLC (H&R Block, Inc.)
• Inventors: Wilson, Robert D.
• Primary Examiner(s): Shaikh, Mohammad Z
• Application Number:
  US11/551,916
• Publication Number:
  US 20070050277A1
• Time in Patent Office: 2,535 Days
• Field of Search: 705/31, 705 35- 42
• US Class Current: 705/35
• CPC Class Codes: G06Q 40/00 Finance; Insurance; Tax strategies; Processing of corporate or income taxes
• CPC Class Codes: G06Q 40/02 Banking, e.g. interest calculation or account maintenance credit or loans G06Q40/03
• CPC Class Codes: G06Q 40/03 Credit; Loans; Processing thereof
• CPC Class Codes: G06Q 40/123 Tax preparation or submission

Abstract

A system and method for providing to a taxpayer a loan in an amount based on the taxpayer'"'"'s estimated tax refund amount due for a current year, the loan being provided to the taxpayer prior to year end of the current tax year and prior to completion and filing of the taxpayer'"'"'s current year tax return forms with a taxing authority. The taxpayer'"'"'s estimated tax refund may be based on historical tax refund data as well as current year income data. A loan granting entity may consider the level of tax refunds that the taxpayer has received in previous years as well as income data for the first three quarters of the year to determine a reasonable estimate of the tax refund amount that the taxpayer will likely receive for the current tax year.

Claims

1. A computerized method for issuing a loan to a taxpayer, comprising:

(a) receiving at a first computer personal tax data from said taxpayer;

(b) accessing at said first computer a database to locate in said database prior year tax refund data;

(c) calculating at said first computer an approximate tax refund said taxpayer will be entitled to receive according to said personal tax data wherein said approximate tax refund is calculated prior to estimating a tax refund for said taxpayer based on completed tax return forms for said taxpayer;

(d) receiving at said first computer a loan amount for said taxpayer calculated according to;

(i) said prior tax year refund data; and

(ii) said approximate tax refund; and

(e) receiving at said first computer data related to a loan issued to said taxpayer in said loan amount wherein said loan is issued to said taxpayer prior to calculating an estimate tax refund for said taxpayer based on completed tax return forms for said taxpayer.

2. The computerized method of claim 1 further comprising:

(f) calculating at said first computer or a second computer an estimate tax refund for said taxpayer based on completed tax return forms for said taxpayer.

3. The computerized method of claim 2 further comprising:

(g) electronically filing with a taxing authority said completed tax return forms for said taxpayer.

4. The computerized method of claim 1 wherein receiving at said first computer personal tax data from said taxpayer comprises receiving year-to-date income data for said taxpayer.

5. The computerized method of claim 4 wherein receiving at said first computer personal tax data from said taxpayer further comprises receiving year-to-date expense data for said taxpayer.

6. The computerized method of claim 1 wherein receiving at said first computer personal tax data from said taxpayer comprises receiving historical income tax refund data for said taxpayer for a plurality of tax years.

7. The computerized method of claim 1 wherein said loan is issued to said taxpayer prior to the end of the current tax year.

8. A computerized system for issuing a loan to a taxpayer, comprising:

(a) a computer for;

(1) receiving personal tax data from said taxpayer;

(2) accessing a database to locate in said database prior year tax refund data;

(3) calculating an approximate tax refund said taxpayer will be entitled to receive according to said personal tax data, said approximate tax refund calculated prior to estimating a tax refund for said taxpayer based on completed tax return forms for said taxpayer;

(4) receiving at said computer a loan amount for taxpayer calculated according to;

(i) said prior tax year refund data; and

(ii) said approximate tax refund; and

(b) a database for storing data related to a loan issued to said taxpayer in said loan amount wherein said loan is issued to said taxpayer prior to calculating an estimated tax refund for said taxpayer based on completed tax return forms for said taxpayer.

9. The computerized system of claim 8 wherein said computer calculates an estimated tax refund for said taxpayer based on completed tax return forms for said taxpayer.

10. The computerized system of claim 9 further comprising:

an electronic completed tax return for said taxpayer for electronically filing with a taxing authority.

11. The computerized system of claim 8 wherein said personal tax data from said taxpayer comprises year-to-date income data for said taxpayer.

12. The computerized system of claim 11 wherein personal tax data from said taxpayer further comprises year-to-date expense data for said taxpayer.

13. The computerized system of claim 8 wherein personal tax data from said taxpayer comprises historical income tax refund data for said taxpayer for a plurality of tax years.

14. The computerized system of claim 8 wherein said loan issued to said taxpayer in said loan amount is issued prior to the end of the current tax year.

15. A computerized method for issuing a loan to a taxpayer, comprising:

(a) receiving at a first computer personal tax data from said taxpayer;

(b) accessing at said first computer a database to locate in said database prior year tax refund data;

(c) calculating at said first computer an approximate tax refund for said taxpayer according to said personal tax data;

(d) receiving at said first computer data related to a loan issued to said taxpayer based on said approximate tax refund and said prior year tax refund data;

(e) estimating at said first or a second computer a tax refund for said taxpayer based on completed tax return forms for said taxpayer; and

(f) electronically filing with a taxing authority from said first or second computer said completed tax return forms for said taxpayer.

16. The computerized method of claim 15 wherein receiving at said first computer personal tax data from said taxpayer comprises receiving year-to-date income data for said taxpayer.

17. The computerized method of claim 15 wherein receiving at said first computer personal tax data from said taxpayer comprises receiving historical income tax refund data for said taxpayer.

18. The computerized method of claim 15 wherein said loan is issued to said taxpayer prior to the end of the current tax year.