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Be Well
Dr. Jamie Fettig

Why Trust me, Dr. Jamie?

Tax Time - To Borrow or not to Borrow your own money...

Tax Time – To Borrow or not to Borrow your own money – and pay interest on it? – Being tax time I thought I would tell people some things that might help you save on your taxes. Like if you make under 54k a year, you can file electronically yourself with the IRS online, and get your check really fast.

What I am talking about, is you can often get a loan against your income tax refund. The problem with this is, you often have to pay really high interest rates.

It may sound too good to be true. That's because it is.

That speedy refund is costing you big time. You see, it's not really your tax refund. You are actually borrowing your own money and paying interest on it. It's called the refund anticipation loan (RAL).

RALs are trotted out every year by tax preparers like H&R Block and others. These companies front you the money you expect to get back from the IRS. Then you don't have to suffer through the one- or two-week wait if you file online directly with the IRS.

In exchange for your rapid refund, you pay significant up-front interest charges. Those charges can eat away as much 10 percent of your total refund, according to a Georgetown University study. On top of that, you pay fees for the privilege of having a temp fill out your tax return and file it with the IRS. If you choose to have your loan deposited directly in your back account, that's another fee. Put the loan on a debit card? Another fee, plus usage fees.

But the problem is most do not realize they are paying high interest rates.

If you have a complicated financial situation, you should probably contact a CPA. Otherwise, there are plenty of helpful free resources available in your community and online. Then you can file your own return, at no charge, with the IRS at, with either eFile or Free File. You'll have your refund in your bank account in as little as a week.

Two tax prep resources to look into are:

  • Volunteer Income Tax Assistance: Call 1-800-TAX-1040 or go to to find trained volunteers in your area.
  • AARP's Tax-Aide program for seniors: Go to

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