ElectroFile Income Tax Service   Income Tax Service   Terry Hough, President
Terry Hough

February 06, 2012 Newsletter

Safeguard Your Refund – Choose Direct Deposit

Direct deposit is the fastest, safest way to receive your tax refund. When a taxpayer combines e-file and direct deposit, the IRS will likely issue your refund in as few as 10 days.

Here are four reasons more than 79 million taxpayers chose direct deposit in 2011:

  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 of your refund check being lost, stolen or returned to the IRS as undeliverable.
  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 we are preparing your return; simply provide your preparer the Routing Transit Number (RTN) and the Depositor Account Number (DAN) for your bank account. Those numbers are available on your checks, so just show one to your preparer. The preparer will know how enter the correct bank account and bank routing numbers.
  4. Options - You can deposit your refund into multiple accounts. With the split refund option, taxpayers can divide their refunds among as many as three checking or savings accounts and up to three different U.S. financial institutions. We use IRS Form 8888, Allocation of Refund (Including Savings Bond Purchases), to divide your refund between accounts if you wish. A word of caution: Some financial institutions do not allow a joint refund to be deposited into an individual account. Additionally, Form 8888 CANNOT be used to designate part of your refund to pay your tax preparer.
However, we here at ElectroFile Income Tax Service can arrange for our fees to be paid from your refund. This is done by participating in our Refund Advantage program. This system creates single-use bank account for you, receives your refund(s) into that account, pays us directly, and then either deposits the balance into your normal bank account or prints a check (here in our office) for you. Many of our clients prefer this as the way to receive their refund, no money out of pocket and everything works very smoothly. You may wish to consider this yourself, just tell your preparer you want a Lightning Refund$.

We look forward to seeing you soon.

Our office is located at
5200 W. Market Street
Greensboro, NC 27409

Phone: 336-852-9505
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FAX : 866-616-0471
email:     taxservice@electrofile.com
website: ElectroFile Income Tax Service
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Office Hours
Dates Days Open Close
Tax Season January 17 - April 17 Mon - Fri   9:00am 7:00pm
Sat   9:00am 3:00pm
Non-Tax Season April 18 - January 15 Mon - Thurs
  9:00am 11:30am