If you need tax assistance and would rather not pay for such services, do not overlook following ways to obtain help from IRS themselves: Internet http://www.irs.gov; telephone hotlines (800-829-1040 for personal and 800-829-4933 for business); TaxFax Service at 703-368-9694; Walk-In Offices--http://www.irs.gov/localcontacts for a complete list of IRS offices and hours of operation.

If you do not want to do your own taxes and choose to hire a tax preparer, it is a choice best not left until April. All tax preparers are not created equal. It stands to reason as with any other profession, some are better educated, better prepared, more enthusiastic and more accurate. Hiring a tax preparer doesn't mean you're excused from understanding your taxes. You have to know enough about taxes to be able to read your return so you know precisely what it is you are signing. You also need to know enough about taxes so that you can tell your preparer everything they need to know to file your return accurately and to your best advantage.

Procrastination is your worst enemy. If you wait until April 13th and then just "run out" and have your taxes done, who do you think you will get as a tax preparer? Not best and brightest. Do yourself (and your preparer) a favor--get your tax return done early. If you owe Uncle Sam you don't have to send it until April 15th, and if you are entitled to a refund you will have it in your hands so much faster. One final tip--remember to sign your return!

You can also re-borrow amount you have repaid. In effect, you have a loan that's always available to you on demand.

Unlike revolving loans, installment loans have a fixed repayment schedule. In most cases, full amount of loan is drawn down (i.e., borrowed) at once and both repayment schedule and amounts are fixed in advance. You do not have option to re-borrow amount that has been repaid.

Adjustable rate versus fixed rate loans

A fixed rate loan is one where interest rate charged is fixed for entire duration of loan. The advantage is that you are immune to fluctuations in interest rates and can budget your cash outflows precisely. The disadvantage to you (the borrower) is that should interest rates fall, you lose in terms of opportunity costs. That is, you could have obtained a lower interest rate had you opted for an adjustable rate loan.

In practice, you can always choose to refinance fixed rate loan at a lower rate if interest rates fall sharply enough to justify it. Bear in mind that your current lender may charge a pre-payment fee if you choose to repay before due date. So difference in interest rates between your old fixed rate loan and new loan should be large enough to justify a switch.

An adjustable rate loan is one where interest charged fluctuates in line with a benchmark rate. This benchmark rate is usually Prime Rate, which is what US Treasury charges its prime (or best) borrowers. The advantage of an adjustable rate (or floating rate) loan is that what you are paying is more or less in line with market. If interest rates decline, so do your costs and vice versa. The disadvantage is that your cash outflows for interest are unpredictable.

As a borrower, if you hold view that interest rates are going to decline, it is best to opt for an adjustable rate loan. But arriving at correct view consistently is easier said than done. Predicting interest rates is a game where even professional market participants and institutions frequently go wrong.

If it is important to you to be able to budget for your interest obligations in advance, a fixed rate loan may be best choice. After all, you can refinance it should interest rates fall significantly.

Keeping these basic facts in mind should help you make more informed borrowing decisions.