Beware the Cost of Quick Cash

By: Anna Wagnild
By: Anna Wagnild

Tax booklets are appearing in the mail, signaling tax season. It's a necessary evil, but the best part about filing taxes is getting refunds.

Some people are so eager for the extra cash they are willing to apply for a refund anticipation loan to receive their money instantly. It's a service offered by some tax preparation agencies, but it can carry high interest rates and other charges.

"I've had some clients change their minds because of the fees, that's fine. That's why we want to present all of the options and usually that is the last option we present to them," says Deborah Wikan of H&R Block.

The State Department of Revenue is working with financial institutions to set up bank accounts for people who would apply for an RAL because they didn't have a place to receive electronic deposits. Type in "VITA" as a search or call 1(800) 829-1040.

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