New Year, New Tax Season

What to Do with Your Refund

The tax filing season is just around the corner and if you’re expecting a federal refund this year, here’s some important information about how to receive it quickly and securely as well as a reminder to stay up-to-date on important new information for the upcoming filing season.

• If Eligible, Get Free Tax-Preparation Assistance - You may qualify for free tax preparation assistance through IRS programs like Volunteer Income Tax Assistance (VITA) and Tax Counseling for the Elderly (TCE). These two programs can also help you identify tax credits you may be eligible for, like the Earned Income Tax Credit (EITC), that can increase the amount of your refund.
• Choose a Trusted Tax Preparer - When searching for a reputable tax preparer, ask for their Preparer Tax Identification Number (PTIN), a list of references, and any fees they want to charge you. The IRS has information on their website to help you choose a tax professional and learn how to prepare to file your taxes.
• Choose Direct Deposit into a Bank Account for a Quick Refund - Direct deposit is now the primary way the IRS sends refunds. It’s faster and more secure than sending tax refunds using paper checks. Don’t have a bank account? Consider opening a Traditional Bank account to receive your refund, help track your spending, and pay bills online.
• Track Your Refund - Tracking your refund has never been easier. Visit IRS Where’s My Refund? or download the IRS2Go app to check your refund status which is updated frequently.
• Protect Your Tax Refund from Scammers - The IRS will not initiate any contact with you to ask for your personal or financial information by phone, email, text, or through social media. Scammers will often impersonate IRS agents to obtain your Social Security number and bank account numbers, and use that information to steal your money.
• Money Smart Ways to Use Your Refund - You can use a tax refund to build savings, pay down high-interest credit card debt, or make an extra mortgage payment on the principal.  Learn more about how Starting Small Can Lead to Big Savings.