Free tax preparation at Wal-Mart? ..... Not quite. [View all]

[marmar]

(Reuters) - As tax season begins, a decision by Wal-Mart Stores Inc to offer some free and discounted tax preparation in conjunction with its check-cashing services at more than 3,000 U.S. stores is less about giving back and more about bringing in, experts cautioned.

"No company does anything altruistically," Morningstar analyst Michael Keara said.

Now that the holiday shopping season is over, the retailer is looking for new revenue sources, he said. The company's latest offer allows consumers to have their tax refunds deposited for "free" onto a Walmart cash card. In addition, the company is working with major tax preparation firms to provide free "assisted" form 1040EZ filings.

It will take a while to see how lucrative the new service will be, given that some people will choose to pay down debt from their previous round of spending with their tax refunds, Keara said. Either way, it's going to put more money into Walmart stores and is another play to reach millions of Americans who don't use traditional banking services. ...............(more)

The complete piece is at: http://news.yahoo.com/walmarts-free-offer-could-come-price-231648548.html