People should think twice about ‘rapid refunds’ Published Feb. 2, 2007 By Capt. Andrew Dunnaville Assistant staff judge advocate WRIGHT-PATTERSON AFB, Ohio -- You've seen the billboards and heard the advertisements, telling you that you can get your refund in less than an hour or get your refund without a W-2. The advertisements are for commercial tax preparation services and refund anticipation loans, RALs, or rapid refunds. Commercial enterprises may change in excess of $100 to complete simple returns that require less than 15 minutes of time. Most commercial services will also offer RALs during an appointment. A RAL is a short-term loan with exorbitant fees. These loans allow the consumer to walk out of the door with a refund check today rather than waiting an average of 10 days for the refund to be electronically filled in his or her bank account. According to the National Consumer Law Council though, the real cost of these loans can be as much as $230 for a 10-day, $2000 refund /loan. This works out to an effective annual percentage rate of 418 percent. Even the worst credit card doesn't come close to that. The Air Force offers two outstanding alternatives to the RAL. First is the base tax center. Wright Patterson's tax center is now open in the base legal office at Bldg. 219, Area C. Staff offer free tax preparation for military members -- active, Guard and Reserve -- as well as retirees and dependents. Call 656-1423 to schedule an appointment. If you don't have time to schedule an appointment with the tax center, military members can file their taxes for free online using Military OneSource at http://www. militaryonesource.com. Both Military OneSource and Wright-Patterson's tax center offer e-filing, so most taxpayers can get their refunds in as little as 10 days.