TAX NEWS - January 2010

Home > Tax News > January 2010

Go to Tax Rates Home Page

IRS TAX TIP 2010-19: Get Your Tax Refund Faster - Choose Direct Deposit

If you want to get your tax refund as quickly as possible, just tell the IRS to deposit your refund directly into your bank account. By choosing Direct Deposit, you can get your tax refund much sooner than if you chose to have a paper check mailed to you.

Here are the main reasons 73 million taxpayers chose Direct Deposit in 2009:

1. Security Thousands of paper checks are returned to the IRS by the U.S. Post Office every year as undeliverable mail. Direct Deposit eliminates the possibility you won't receive your check and prevents your refund from being stolen.

2. Convenience The money goes directly into your bank account. You won't have to make a special trip to the bank to deposit the money yourself.

3. Ease When you're preparing your tax return, simply follow the instructions on your tax return. Make sure you enter the correct bank account and bank routing numbers on your tax form and you'll receive your refund quicker than ever.

4. Options You can also deposit your tax refund into multiple accounts. With the split refund option, taxpayers can divide their tax refunds among as many as three checking or savings accounts and up to three different U.S. financial institutions. Use IRS Form 8888, Direct Deposit of Refund to More Than One Account, to divide your tax refund among different accounts. A word of caution: some financial institutions do not allow a joint refund of tax to be deposited into an individual account. Check with your bank or other financial institution to make sure your Direct Deposit will be accepted.

For more information about direct deposit of your tax refund and the split refund option, check the instructions for your tax form. Helpful tips are also available in IRS Publication 17, Your Federal Income Tax. To get a copy of Publication 17 or Form 8888, visit the Forms and Publications section of IRS.gov, or call 800-TAX-FORM (800-829-3676).
Tax

© 2009-2012 TaxRates.cc
2011 - 2012 Tax Rate Guide and Tax Help Website

Tax Rates
Tax Rates
Global Average Tax Rates
Historical Tax Rates
Tax News
Tax Videos
Tax Articles
IRS Tax Forms
Tax