Show Me the Money!
When filing your tax return electronically, direct deposit ensures the fastest way to a refund. With advances in technology enabling paperless tax return options, it’s no wonder that more than 80 percent of taxpayers now file electronically.Five reasons you should too:
- Speed: Filing electronically with the direct deposit option leads to a quick turnaround for “money in the bank.” You may also choose direct deposit if you file a paper return.
- Security: Since funds automatically transfer into your account, no one can steal or lose your paper refund. This electronic deposit process offers the same system used to deposit 98 percent of all Social Security and Veterans Affairs benefits into their respective accounts; rest assured your money will reach your account safe and secure! If you opt for paid tax services, remember to verify your bank details before filing.
- Convenience: Who wants to wait for their money? Direct deposit means no need to stalk the mailman for that refund check!
- It’s Easy: Choosing direct deposit equals simplicity, whether you choose e-file or a paper return. Paper filers simply follow the instructions on the tax form while e-filers must follow the instructions in the tax software. Don’t forget to include your bank account and routing numbers.
- Options: Direct deposit equals options. Taxpayers may elect to split their refund into separate accounts: checking, savings, health, education, and certain types of retirement accounts. Limits include three direct deposit refunds made into a single financial account or pre-paid debit card. If there are more than three refund deposits they will be mailed as a paper refund. For additional tips on direct deposit and splitting a refund, visit: Publication 17.
Always keep a copy of your returns for your records and future verification. Starting in 2017, taxpayers using software for the first time may need their adjusted gross income (AGI) amount from prior years to verify their identity. To learn more about verifying your identity and filing electronically, you can learn more at: Validating Your Electronically Filed Tax Return.If you need assistance filing your individual or business tax return, the professionals at Patrick & Robinson CPAs stand ready with decades of tax services and financial consulting experience. Contact us at Office@CPAsite.com or 904-396-5400.
