As a tax preparer, you may want to consider using bank products to assist your clients in receiving their income tax refund faster. Tax refund-related bank products are financial products that facilitate fee payment for taxpayers that are expecting a federal tax refund. Bank products allow your customers to receive your services without having to pay for your tax preparation up front. By choosing a bank product to pay your fees, the bank deducts your tax preparation fees from your client’s refund and deposits the fees into your bank account. Tax related bank products include electronic refund checks, electronic refund deposits and prepaid debit cards.
- Electronic Refund Checks
Depending on the IRS, normally around 7-14 business days after the return is accepted, the IRS will direct deposit the tax payers refund into the bank. The bank will then deduct any fees for tax preparation and will deposit them into your bank account. The refund check, minus your preparation fees, will then be printed in your tax office for your clients to come and pick up.
- Electronic Refund Deposits
If your client chooses to use electronic refund deposits, the client’s federal tax refund, minus the tax preparation fees, will be deposited into your client’s bank account. Similar to the electronic refund checks, your tax preparation fees are automatically deducted and deposited into your bank account.
- Prepaid Debit Cards
The prepaid debit card functions similar to a standard ATM/Debit card. Once you have completed your client’s tax return, you can provide them with their personal debit card when they leave your office. Once their refund is processed, your tax preparation fees will be deducted and deposited into your account, the remaining balance will then be loaded onto the client’s debit card you provided them with, for immediate use.
TaxSlayer Pro is affiliated with the following major tax related product banks. Products may vary by provider. Once you have reviewed the bank product options, click here for more information on getting started.