It Is Now Possible to Get Tax Refunds In Bitcoin

It Is Now Possible to Get Tax Refunds In Bitcoin

If you were thinking of spending your Tax refund on Bitcoin, then this new service available in the US will be ideal for you.

It is now possible to get tax refunds paid in bitcoin thanks to a new deal set-up by the well-known blockchain payment provider Bitpay and Refundo, a US taxation service provider. In this new landmark deal, taxpayers will have the option to either be paid their refund in full or receive just a portion of the funds instead via bitcoin.

The refunds will work via the CoinRT product which is an existing part of their service. Users will need to set up an account and receive a unique routing and account number, which they will need to input on their tax return. This is where Bitpay will take over as once the return has been processed, they will handle the depositing of the funds into the user’s wallet.  

Upon the announcement of the new service, CEO of Refundo, Roger Chinchilla, explained “Adding bitcoin was a natural fit for our customers who often do not have traditional checking accounts, pay high check cashing fees and regularly send money internationally. CoinRT enables them to get bitcoin quickly and easily for one flat fee.”

The new service will allow for faster transactions with lower fees. While also allowing ease of access to crypto without the need for an exchange, ideal for first-time investors, and bank more bitcoin directly from your taxes.

However, there is a bit of a catch as the CoinRT service costs just shy of $35 a pop, regardless of the value, and Bitpay takes 1% commission on transactions.

Whether the deal will result in some cost amalgamation between the two firms when the service is rolled out is unclear. However, that is a hefty fee to receive funds that are rightfully yours.

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