Tax Preparation Expert Reveals Why Direct Deposit Is the Best Way to Receive a Refund
Tax planner and preparation expert Frank Ellis discusses why direct deposit is the preferred way to receive a tax refund from the IRS, for anyone who has a bank account.
A new article published on Maxmoneyzone.org, written by Traverse City tax expert Frank Ellis, explains the benefits of getting a tax refund via direct deposit rather than paper mail. The option is open to anyone with a traditional bank account. Following a brief introduction, the author walks the reader through the main perks of having tax refunds deposited into one’s bank account.
The first benefit is that tax returns can be approved about 14 business days after filing taxes online. One can also track their refund status online via the IRS website. Another reason is that funds can be split. Exact amounts can be identified to go into a certain account, in effect creating multiple deposits. For example, a taxpayer can add their funds to savings, retirement, education fund, or checking accounts. The author reveals tax refunds can be split into a maximum of three separate accounts.
Direct deposit is also a safer option. Personal banking information is safe, and there’s no risk of losing a paper check in the mail if the funds are deposited electronically. The process is also convenient, removing worry about the mail and saving time by avoiding a trip to the bank, according to the author.
In addition, Ellis says that direct deposit of tax refunds saves taxpayer money. Cutting a check costs taxpayer dollars; electronic payments are a fraction of the cost. Once a tax refund is received quicker, one can do whatever they want with it, and not have to wait until a paper check clears.
For more details about tax refunds and direct deposits, go to http://maxmoneyzone.org/direct-deposit-is-a-better-option-to-receive-your-tax-refund/
About Frank Ellis
Frank Ellis is a Traverse City Tax Preparation Planner and published author. He has written tax and finance related articles for eight years and has published over 900 articles on leading financial websites.
Maximum Money Zone
Address: 945 East 8th Street Suite A, Traverse City, Michigan 49686