Watertown, Connecticut
51 Depot St , Ste 111
Watertown, CT 06795

Reasons to Use Direct Deposit for a Tax Refund January 30, 2018

Watertown, Litchfield
Reasons to Use Direct Deposit for a Tax Refund, Watertown, Connecticut

From the IRS-

As you prepare for the 2018 filing season, you should consider direct deposit of any refunds you are due.

IRS Direct Deposit:

  1. Is Fast— The quickest way for you to get your refund is to electronically file your federal return and use direct deposit. Taxpayers who file a paper return can also use direct deposit.
  2. Is Secure- Since refunds go right into a bank account, there’s no risk of having a paper check stolen or lost.This is the same electronic transfer system that deposits nearly 98% of all Social Security and Veterans Affairs benefits into millions of accounts.
  3. Is Easy- Choosing direct deposit is easy. Just provide your preparer with your routing and account number(s) and be sure to verify that the information appears correctly on your returns.
  4. Has Options- You can split a refund into more than 1 checking or savings account. Use IRS Form 8888, Allocation of Refund (including Savings Bond Purchases) to deposit a refund in up to 3 accounts.

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

There is a limit of 3 electronic direct deposit refunds made into a single financial account or pre-paid debit card. The IRS will send a notice and a refund check in the mail to taxpayers who exceed the limit.

Other Announcements, Events and Deals from Bergamo Tax & Financial Solutions
4 Year-End Tax Preparation Tips, Watertown, Connecticut
With a new year around the corner, beginning your tax preparations now will help ensure you maximize your deductions. Federal and state tax exemptions can evolve yearly, meaning you ...read more
4 FAQ on Estate Planning, Watertown, Connecticut
Estate planning preserves your legacy and protects your loved ones long after you’re gone. Many people have land, financial assets, and other types of personal property that they wou...read more
New Employer Tax Credit for Paid Family & Medical Leave, Watertown, Connecticut
From the IRS: Eligible employers who provide paid family and medical leave to their employees may qualify for a new business credit for tax years 2018 and 2019. In addition, eligi...read more
2018 Employer Reimbursements for Employees' 2017 moves are generally tax free, Watertown, Connecticut
From the IRS: Employer payments or reimbursements in 2018 for employee moving expenses incurred prior to 2018 are excluded from the employee’s wages for income and employment tax pu...read more
529 Education Savings Plan Changes, Watertown, Connecticut
From the IRS The IRS has issued regulations on 3 recent tax law changes affecting popular 529 education savings plans. Notice 2018-58 addresses a change included in the 2015 PATH (...read more