While there are many ways to pay the IRS, there are only a few methods to get money out of the IRS.
The first method, direct deposit, is the most popular and most-favored by taxpayers. It is a free service that automatically deposits the tax refund in your checking account or savings account. You can even have the IRS split the tax refund up into different accounts instead of having one large deposit. This method is also the fastest way of getting money from the IRS, with the average wait time of 21 days from the acceptance of an e-filed return.
The second method, U.S. Series I savings bonds, is probably the least-favored method. It allows a taxpayer to use all or a portion of their tax refund to buy a savings bond for the taxpayer or for anyone else the taxpayer chooses. The amount of the bonds purchased must be in $50 increments and are made possible by completing Form 8888.
The third method, a paper check, is the slowest method in getting a tax refund. This option is available to anyone who does not desire or does not qualify for direct deposit or obtaining a savings bond. Under this method, the taxpayer receives a check from the IRS for the amount of their tax refund. The disadvantage to this method is that it can take up to 12 weeks to process the refund and the check is mailed to you, which could result in the check being lost in the mail.
If you are have tax trouble, feel free to contact us at 816-524-4949 or visit our website at www.Hoorfarlaw.com.