5 Reasons to Use Direct Deposit for a Tax Refund

5 Reasons to Use Direct Deposit for a Tax Refund
As tax filing season begins on January 29th, taxpayers should consider IRS direct
deposit for any refunds due. Here are the reasons why 80% of taxpayers choose direct
deposit every year.
• Is Fast - IRS e-file with direct deposit is the quickest way for taxpayers to receive
their refund. They can also use IRS Free File to prepare and e-file federal returns
for free
• Is Secure – As your tax refund goes directly into your bank account, there is no
risk of having a paper check stolen or lost in the mail. This is the same method
used by 98% of Social Security and Veterans Affairs beneficiaries.
• Is Easy - Direct deposit is easy to use. Just select e-file in your tax software and
follow the instructions. If you file a paper return, the tax form instructions will
guide you. Make sure to enter correct bank account and routing number.
• Has Options - Taxpayers can split a refund into several financial accounts. These
include checking, savings, health, education and certain retirement accounts.
Tips
• Tax refunds should be deposited only into taxpayers account, their spouse’s
account or both.
• They should avoid making deposit into accounts owned by others.
• Only three electronic direct deposit refunds can be made into a single financial
account or pre-paid debit card.
Essential Tax Services
13168 Piedmont Vista Drive
Haymarket, VA
20169
703-754-2601

Download Report