Tax related bank products can be offered to your clients to assist them in paying for their tax preparation fees. When using tax related bank products, your client will pay no upfront fees for the preparation of their tax return. The tax preparation fees that you charge will automatically be deducted from the taxpayer's income tax refund the remaining balance will be distributed to the taxpayer by direct deposit, prepaid/debit card or check.
Depending on the IRS, normally around 7 to 14 business day after the return is accepted the IRS will deposit the tax payer refund into to the bank. The bank will then deduct any fees for the tax preparations services. The refund check minus the preparations fees will be printed at your office for the client to come and pick up.
If you client want to use direct deposit the refund minus the tax preparations fee will be deposited into their bank account.
E-1 Pre-paid visa card disbursement:
The prepaid debit card functions similar to a atm/debit card. Once you have completed your client tax return you can provide them with the personal debit card when they leave your office. The tax refund will be deposited on to the card minus your preparations fees.
Contact us to learn how you can start your own tax business