5 Reasons to Choose Direct Deposit

For more information about filing tax returns and direct deposit, contact Elizabeth A. Gardner, CPA, Tax Manager at 315.701.6365 or egardner@gsacpas.com.   Elizabeth practices in the areas of individual, partnership and corporate tax return preparation and tax planning for individuals and businesses.

Easy, safe and fast — that’s direct deposit. It’s the best way to get a tax refund. Eighty percent of taxpayers choose it every year. The IRS knows taxpayers have a choice of how to receive their refunds.

IRS Direct Deposit:

1. Is Fast. The quickest way for taxpayers to get their refund is to electronically file their federal tax return and use direct deposit.  Use direct deposit for paper tax returns, too.

2. Is Secure. Since refunds go right into a bank account, there’s no risk of having a paper check stolen or lost in the mail. This is the same electronic transfer system used to deposit nearly 98 percent of all Social Security and Veterans Affairs benefits into millions of accounts.

3. Is Convenient. There’s no need to wait for a refund check to come in the mail.

4. Is Easy. Choosing direct deposit is easy.  Make sure to enter the correct bank account and routing number.

5. Has Options. Taxpayers can split a refund into several financial accounts. These include checking, savings, health, education and certain retirement accounts.

Taxpayers should deposit refunds into accounts in their own name, their spouse’s name or both. Avoid making a deposit into accounts owned by others. Some banks require both spouses’ names on the account to deposit a tax refund from a joint return. Taxpayers should check with their bank for direct deposit rules.

For more information about filing tax returns and direct deposit, contact Elizabeth A. Gardner, CPA, Tax Manager at 315.701.6365 or egardner@gsacpas.com.   Elizabeth practices in the areas of individual, partnership and corporate tax return preparation and tax planning for individuals and businesses.

Founded in 1957, Grossman St. Amour CPAs PLLC is located in the historic Armory Square district of Syracuse, New York. The Firm provides businesses and individuals with professional services in the areas of accounting, audit, taxation, business planning and valuation, financial planning, investment consulting, and fraud examination and deterrence. For information about how we can be of service to you, we invite you to visit www.gsacpas.com, or contact us at 315.424.1120.

2017-11-22T20:05:40+00:00