By State Treasurer Curtis Loftis
The April 18 tax deadline is drawing near, and the pressure to get your tax returns completed is gaining momentum. With the rising costs of gas, food, and other goods and services, you may be thinking about how helpful your tax refund will be, too.
Let me give you an important tip to make sure you’ll receive your 2021 tax refund payment faster, more securely and more efficiently than you ever have before. What’s more, this tip also helps you save as a South Carolina taxpayer. What is it? Choosing direct deposit for your South Carolina income tax refund.
By selecting direct deposit, you benefit from speed, convenience and security. You’ll have the peace of mind of knowing that within a few days of being processed and approved, your tax refund will be deposited directly into your bank account. You’ll be able to see the funds in your account as soon as they are posted. There’s no waiting on the mail, no worrying about loss or theft and no unnecessary trip to the bank.
It’s not surprising that more people than ever are choosing electronic payment methods. From transferring funds through a mobile app to getting paid via direct deposit, people are looking for convenient and secure ways to manage their hard-earned money. With 92 percent of taxpayers filing their returns online, it only makes sense they would want to receive refunds electronically also. Paper checks and their susceptibility to loss, fraud and longer processing times are no longer the preferred way to receive money. And they are no friend of the taxpayer, either. Reliance on paper checks cost the State millions every year.
The State Treasurer’s Office is pleased to collaborate with the South Carolina Department of Revenue to let South Carolinians know that choosing direct deposit is the fastest and most secure way to get their refunds. By helping citizens and businesses understand the benefits of transitioning from paper checks to faster and more secure electronic payments, we are providing state government another opportunity to reduce the taxpayer expenses associated with printing and mailing checks.
I know how important your tax refunds are to you, and I want to help you get your money the fastest way possible. I hope that as you begin the tax filing process, whether you are completing it yourself or using a tax professional, you will remember my simple tip that benefits both you and our state: Choose direct deposit for your South Carolina income tax refund.
Curtis Loftis is the State Treasurer of South Carolina. As Treasurer, he is the state’s private banker, managing, investing and retaining custody of nearly $60 billion in public funds.