A free way to get your money faster
March 5, 2010 by: The Tax ManA Best Tax Tip – we suggest that taxpayers (and tax preparers) who want to expedite their tax refunds should use direct deposit. By using direct deposit, taxpayers can get their refunds much sooner than those who choose to have a paper check mailed to them.
The advantages of choosing direct deposit include:
- Security—Direct deposit eliminates the possibility that the taxpayer won’t receive the refund check and prevents the refund from being stolen.
- Convenience—The taxpayer does not need to make a special trip to the bank because the refund goes directly into the designated bank account.
- Ease—All the taxpayer must do is enter the correct bank account and bank routing number on the tax form.
- Options—Using IRS Form 8888, Direct Deposit of Refund to More than One Account, taxpayers can divide their refunds among as many as three checking or savings accounts and up to three different U.S. financial institutions.
