Tax season is starting tomorrow, Jan. 29, you may be submitting your tax return tomorrow. If you want to get your tax refund as quickly as possible, we recommend setting up direct deposit instead of waiting for a paper check in the mail.
This Is the Fastest Way to Get Your 2024 Tax Refund – CNET
Get your money quicker with direct deposit.
Direct deposit saves the government money and paper
Each paper refund check issued costs US taxpayers more than $1, but it only costs a dime for each direct deposit made, according to the IRS. By December 2023, over 105 million refunds were issued, with over 9 million sent by mail.
That means in 2023, it cost taxpayers over $9 million for paper check refunds to be sent out and roughly $9.6 million for direct deposit.
Direct deposit lets you send your tax refund to multiple accounts
If you’d like to have your tax refund spread out across several accounts, now’s the time to do that. When setting up direct deposit on your taxes, you can add up to three different bank accounts, which can be beneficial if you’re using one as a savings account.
Note that you can’t add more than three accounts. If you do, you will receive a notice from the IRS and a paper check.
