Refund

WONDER WHAT to do with your tax refund check? Today, we present suggestions from "Top Places To Put Your Tax Refund," in Money, April:"Pay off credit card debt (average interest 17.7 percent). Buy international mutual funds; this is good year to start. Buy into dividend reinvestment plans. Send in extra-large mortgage payments. Get kids started investing, possibly in Young Investor's Fund (800-338-2550)."Invest in yourself; take courses to help your career. Get 'energy audit' of your house to save money.

GEICO Corp., one of the largest automobile insurers in Maryland, said three of its auto insurance subsidiaries will give a 25 percent refund to policyholders who are serving in the Desert Shield operation in the Middle East.The refund will amount to an estimated $1 million, said GEICO, which is based in Chevy Chase."While our Desert Shield military policyholders are facing increased personal risk in the Middle East, the risk factors for their cars back at home have gone down," said Edward H. Utley, president of GEICO.

If there's anything to look forward to this tax-filing season, it is the possibility of a refund. With the stock market down, and prices on everything from bread to gasoline up, your finances could probably use a little boost. But be wary of promises for "instant" or "rapid" money through a refund-anticipation loan. Advertised by commercial tax-preparation centers for years, the loans make it possible for you to receive a refund the same day you file, versus two weeks or more through the Internal Revenue Service.

In a ruling that business executives and lawyers said yesterday could spark a wave of business tax refund applications around the state, a Baltimore County Circuit judge has ruled that the county illegally overcollected electricity taxes for years.Although the disputed collections make up only a small portion of the approximately $14 million the county government takes in annually from the industrial electricity tax, those involved in the battle expected the legal fight over the collection to continue to appeals courts.

Baltimore Gas & Electric Co. said yesterday that it recently received a refund check totaling more than $2.1 million from the Columbia Gas Transmission Corp. for past overcharges -- money that will be passed along to its natural gas customers with interest.BGE spokeswoman Peggy Mulloy said the refunds from the payment will be relatively small -- about 12 1/2 cents a month for the typical residential customer.However, when the latest repayment is added to a $16 million refund BGE received from Columbia earlier this year, that customer's savings will total about $14, the utility said.

...TC Fans holding tickets to strike-canceled Orioles games can exchange them next season for tickets to 1995 games or get a refund by mail or at some area banks.Fans can mail tickets for any canceled August home game to: Baltimore Orioles, P.O. Box 29937, Baltimore, Md. 21230-0937. The tickets should be sent by certified mail, and should include the fan's name, address and telephone number.Fans also can get refunds for August game tickets at all NationsBank, Maryland National Bank and American Security Bank branch offices in Maryland, Northern Virginia and Washington.

Credit card issuers send out a lot of notices, and you probably throw most of them out as soon as you spy the tiny print. But if you got a notice from the "U.S. District Court Settlement Administrator," it's not only worth reading, but filling out. More than 30 million notices have been sent to credit and debit card customers who are eligible for a refund for fees paid when using a Visa, MasterCard or Diners Club card to make purchases and ATM withdrawals outside the United States. Refunds can be $25 or higher.

THANKS TO tax law changes last year, many taxpayers will be getting a bigger refund now. As of last week, the average refund was $1,964, up 12 percent from a year ago. Some may take the refund as an opportunity to splurge on a vacation or a trip to the mall. While that may be good for the economy, it's not for their own finances. "Let other people bail out the economy," said Don Blandin, president of the American Savings Education Council in Washington. Instead, Blandin and other financial experts suggest using a refund to reap some longer-lasting financial benefits.

The Internal Revenue Service and the Maryland State Comptroller's Office are trying to locate area residents who are due tax refunds fromtheir 1990 and prior year federal and state income tax returns. The IRS has 1,175 federal refund checks, totaling $569,760, that were returned by the postal service as undeliverable, said H. J. Hightower, IRS district director for Maryland and Washington. Checks range from $1 to $10,959, with an average refund of $485. The state has 1,600 undelivered checks totaling $291,833 and ranging from $1 to $6,871, withan average of $182, said Louis L. Goldstein, state comptroller.

C About 1 million taxpayers who received a tax refund last year will find that their 1099G forms look a little different this year. They'll come soon in the mail on a postcard, saving Marylanders $40,000 in postage and printing fees.The new forms will have a notice across the front saying "important tax information enclosed" and a perforated flap across the back to maintain the confidentiality of the information.The cards do not need to be returned unless the address is wrong and needs to be corrected, according to the Maryland state comptroller's office.