If you’re anticipating a refund, you naturally want to file as soon as possible because now we are into 2008 tax filing season. The earlier you submit your tax return, the sooner you’ll see that refund. If you are like other millions of other Americans, you might also be currently strapped for cash just now. In addition to what you might have put on a credit card for holiday gift giving, you might also have some of those yearly payments coming due, such as property taxes, insurance premiums, vehicle registrations and the like.

It can become quite challenging for more and more people now living from paycheck to paycheck, meeting these obligations in a timely manner. During the winter months, energy bills fuel anxiety and put a strain on your household budget. All it takes is an unexpected emergency expenditure to put you in a panic. If you’re behind schedule in meeting some of these financial obligations, you might start to think of outside-the-box solutions headed for immediate problems. OK, so one of the first to come to mind during tax season, is the tax refund anticipation loan. You think, trouble-free, convenient, fast’. You need fast cash to make it all happen, avoiding overdraft fees and other cash penalties.

Many of the big name, offline plus online tax preparation services promote a tax refund anticipation loan in conjunction with filing your tax return, promising you hard cash in hand within 24-48 hours of filing. When you’re into a bind for cash of an immediate nature, this sounds awfully tempting. However, there are a few things you should know before taking your tax preparation service up on such an offer.

When you e-file your tax return, anticipating a tax refund, your tax return preparation service might query you as to whether you’d like to take advantage of their tax refund anticipation loan option. They do charge a fee for this service, because the bank which they work with does as well. You need to read the fine print carefully. This amount can be substantial – as much as $100 going to the bank and perhaps $50 to the tax preparation service! How much sooner does your refund come through? Perhaps just 3-4 days quicker than e-filing and waiting for your direct deposit! Is it really worth paying so much? Not likely.

Do the math. If you’ll be late on your energy bill, a phone call letting them know you’ll be paying within ten days won’t cost you more than a couple of bucks, if that. Property taxes generally provide you a discount for paying on time, with a lesser percentage discount when paid within 30 days of the due date. Before you set out for the tax refund anticipation loan, go through your budget and see which items can be postponed at the least additional cost. Auto insurance generally carries a grace period before you are assessed a late fee. Credit card and mortgage payments should be a top priority, as late payments carry not only penalties, but can damage your credit.

Rare is the situation someplace the 3-4 days a tax refund anticipation loan makes a difference that’s worth these hefty fees. Your best bet is to file your taxes electronically, as soon as possible and have your refund deposited directly to your bank account. With just a modicum of planning, there’s no reason to pay someone else to get your own money!

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