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Use direct deposit to get faster return

Published On: Jan 17 2012 03:02:56 PM MST
Updated On: Dec 09 2010 07:21:33 AM MST
Tax maze, forms, dollar sign, taxes, money

iStock / alexsl

If you are expecting an income tax refund, you can count on getting it more quickly if you have authorized direct deposit into your bank account.

Millions of people choose this option annually. For those who have opted for direct deposit for federal income tax refunds, that will also be the method of payment for this year's economic stimulus payments.

There's also the issue of security. A check can get lost in the mail. Every year, thousands of refund checks end up being returned to the IRS as undelivered mail. In addition, it helps guard against having the tax refund checks stolen.

The direct deposit method is also a lot easier to manage. You don't have to waste time and energy going to the bank to deposit the check.

The turnaround time for refunds is even quicker for taxpayers who file their income tax returns electronically.