It's that time of year to start filing income tax returns and everyone is anxious to get his or her refund back from dear old Uncle Sam. Most quickie tax places (such as H&R Block) encourage and goad taxpayers to file their tax returns electronically in order to get a tax refund back from the government faster. H&R Block even encourages its customers to get a "Rapid Refund" within 24 hours.

But is faster better? Electronically filed tax returns usually result in a refund 2-3 weeks faster than using the regular old mail. The "Rapid Refund" shaves another 2-3 weeks off the waiting time. This sounds great, doesn't it? I'll get my money 4-6 weeks sooner! And it would be great if you didn't have to pay extra for electronic filing or "Rapid Refund."

The average additional cost in my city for electronic filing is $40.00 and $70.00 for "Rapid Refund." If your refund is $1,000, then you are in effect paying 69.33% interest ($1,000 * 69.33% * 3/52 weeks = $40.00) in order to get your $1,000 refund three weeks sooner by electronic filing. The interest rate increases to 72.80% ($1,000 * 72.80% * 5/52weeks = $70.00) if you go all out for the "Rapid Refund."

Would you borrow money from the bank, finance company, pawn shop, or local goons at these rates of interest? Is electronic filing and "Rapid Refund" a bargain? Of course not. Don't let the "wise" fool you out of your money! Go to a reputable tax preparer like a CPA who is just as Foolish as you are and doesn't even offer these silly options.