Originally Posted by
findark
It's definitely not for everyone - I would not be able to file a return that early, and regardless you should be prepared for the possibility that the refund doesn't post in time.
Note that a state tax payment and refund in the same year will not cause taxable income (although I think the IRS processors have better rates).
Do NOT do this with a state! State tax refunds can possibly be considered taxable income while the payment will not be tax deductible or will be capped.