One of the most exciting times of the year is tax return season. For many people, even though filing a tax return can be stressful, the reward of getting a sizeable tax refund is worth all the trial and tribulation! Here are 4 ways to receive your tax refund.
Traditional checks or savings bonds
The traditional way of receiving your tax refund is by having the government mail you a traditional, paper check. Many people still prefer this method, for a variety of both educated and uneducated reasons. This method, while traditional, is also the slowest method of getting your tax refund. There is also the concern that your check could be lost in the mail or taken by someone else before it reaches you. Another option for receiving your tax refund is by having the government issue you a sales bond. This is a relatively new option, initiated in 2010. All it takes is to fill out Part II of form 8888 from the IRS. Just add that form to your tax return when you file. Depending on how much you’re expecting to get back, you are limit to no more than $5000 in increments of $50 savings bonds. Savings bonds can be a great option if you are looking to save money. With inflation, your investment has the potential to be worth more when you’re ready to use it. See more here!
Direct deposit or prepaid debit cards
If you have a checking or savings account, having your tax refund deposited directly into your account can be a huge time saver! Not only do you not have to worry about your check being stolen, you also don’t have to deposit it yourself. This is the most popular method of receiving a tax refund and is also the quickest. …Read More