As tax season kicks off, taxpayers are eager to receive their refunds promptly. While filing electronically and opting for direct deposit are common practices to speed up the process, there’s an even faster route available through popular cash transfer apps like Venmo, Cash App, and PayPal. These apps can potentially put your hard-earned money in your hands up to five days sooner than traditional banking methods.
Using Venmo for Faster Refunds: Setting up direct deposit with Venmo is a straightforward process that can be completed in less than five minutes. Users need to download the Venmo app, create or sign in to their accounts, and navigate to the Direct Deposit section in the Settings. Once the account details are accessible, taxpayers can enter their Venmo routing and account numbers when filing taxes. This way, the IRS can process and send the refund directly to the Venmo account, potentially cutting down the wait time by up to five days.
Cash App for Quick Deposits: Cash App offers a similar advantage for those seeking expedited tax refunds. Users must download the app, create an account, and access the Direct Deposit feature under the Banking tab. To enhance the speed further, creating a free Cash Card is recommended. Taxpayers can then copy the routing and account numbers from the Direct Deposit tab and input them when filing taxes. This process may lead to a refund arriving up to two days earlier than conventional methods.
PayPal: Another Swift Option: With PayPal, users can also enjoy a faster refund process. After downloading the PayPal app and signing in or creating an account, users can navigate to the Direct Deposit section in the top menu options. The routing and account information can be found in the PayPal wallet, and entering these details when filing taxes may result in a refund arriving up to five days earlier than expected.
As taxpayers gear up for the 2024 tax season, utilizing cash transfer apps for direct deposit presents a viable option to expedite refunds. Whether it’s Venmo, Cash App, or PayPal, these platforms offer a user-friendly experience for setting up direct deposit and potentially accessing funds several days earlier than traditional banking methods. By following the simple steps outlined for each app, individuals can maximize the efficiency of their tax refund process.