Taxes CPA

Scottsdale CPA | Direct Deposit

Are you tired of waiting four to six weeks, sometimes longer, to get your federal or state income tax refund? The fastest way to get your refund is with direct deposit. Direct deposit refunds are typically in your checking account within two weeks of your return being filed. Here are five reasons to have your tax refund direct deposited into your checking account.

  1. It’s fast. An electronically filed tax return with direct deposit is the single fastest way to get your refund. The typical tax payer will receive their refund in under two weeks.
  2. It’s convenient. With a direct deposited refund, your tax refund goes directly into your bank account. No need to spend time driving to the bank to deposit or cash your refund check.
  3. It’s secure. Since the refund goes directly into your bank account, you don’t have to worry about someone stealing the check out of your mailbox.
  4. It’s easy. When we file your tax return, just give us your bank account information and we put the numbers into the software. It’s that simple.
  5. It has options. You can split your refund into several financial accounts. You could put half of it in savings and half in checking. The refund can even be designated to go into certain retirement, health or education accounts. You can split your refund up into up to three accounts. Use form 8888 to split your refund.

You should only direct deposit your tax refund into accounts you own. You should avoid having your refunds direct deposited into accounts owned by others. Some banks will require both spouses names on the account to deposit a tax refund from a joint account. The IRS has also set limits on the number of refunds an account can receive.

If you have any questions or would like further information, feel free to contact us anytime at Dusseau & Makris, PC, your Phoenix CPA firm.