REPRINTED FROM THE NEW YORK TIMES

February 15, 2004

TAX TIPS

Savings Are Found in Details

By JAN M. ROSEN

IF the devil is in the details, so are the opportunities - and nowhere is

that truer than in the increasingly complex Internal Revenue Code. As a

result, taxpayers have countless chances to save, but there are also

pitfalls.

REFUND ANTICIPATION LOANS Need money in a hurry? How about getting a
quick check in anticipation of your tax refund? "You can get better terms from

Tony Soprano," said Julian Block, a tax lawyer in Larchmont, N.Y.

H & R Block, which advertises such loans, says on its Web site that

Imperial Capital Bank, which provided 4.5 million refund anticipation

loans to H & R Block clients in 2003, imposes finance charges of $5 to $75

for short-term loans of $200 to $7,000, which translates to an annual

percentage rate of 34 percent to 129 percent, plus a $24.95 account

charge.

Sidney Kess, a New York tax lawyer and certified public accountant,

advises taxpayers who need their refunds quickly to file their returns

electronically and request direct deposit to their banks. They will

usually have their refunds in 10 days.

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