How to Ensure a Fast Tax Return

How to Ensure a Fast Tax Return
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Spring is just around the corner, and along with it, tax time comes along. The Internal Revenue Service is officially accepting 2013 tax returns, and many people hoping to get a speedy return will file right away; however, getting in a tax return in quickly is only one of several factors that will help an income tax return check get sent out faster. Here are some tips for tax filers to get their tax refund checks fast.

Don't Put It in Writing

The IRS uses electronic scanning methods when it can to check for errors and process tax forms. Even with the neatest of handwriting, hand-printed forms can be difficult for machines to interpret, so it's better to file electronically if you are preparing your own taxes. E-filing your taxes also helps eliminate common math errors which could slow down the flow of processing. Plus, electronic filing means bypassing the Post Office which will save a few days in transit, and probably a few more days of sitting in a pile with other returns.

The IRS estimates that most old-fashioned paper filers will have about a six-week wait for their checks, but if you're really old school about filing with paper forms, at least find a way to type them instead of writing them out by hand. Most tax preparation software programs which are purchased and installed on a computer will still have an option to print and file for the refund with the IRS and not just for e-filing the return. By using such a program, you can save time, and not only reduce handwriting problems, but also have all of the math calculated precisely.

Bank on It

By choosing direct deposit into your bank account and filing taxes electronically, filers can save a lot of time. Tax returns can land in your bank account in as little as eight to 10 days if you agree to do it all electronically. If you are using a tax preparation service, ask your agent about the methods they will use, and how quickly your return will be handed over to the IRS.

To Err Is Human

Double-check all of your own work for typos, and don't assume forms from employers will be error-free. Scrutinize Social Security numbers, address information and anything else that might slow down the process. Any inconsistencies will require additional checking and more time, so take the time to spot any flaws before hitting "send" this year of signing off on the work of a tax preparer.

If anything isn't right with your address when your taxes are submitted, the check could be returned to the IRS. To avoid causing additional delays, double-check the address information to be certain nothing is incorrect or missing, such as an incorrect plus-four code.

Adding Insult to Injury

If you're filing form 8379, titled Injured Spouse Relief, you will have some thumb-twiddling to do while you wait for your tax return to be processed. This form can take several months to be completed. Fortunately, this form is only necessary for filers with a spouse who owes back taxes, so it won't affect average filers.

Once filed, you can follow the progress of your tax return status with a handy mobile app for smartphones issued by the IRS. Called IRS2Go, the app features secure encryption when you enter your Social Security number and can provide a variety of information and even links to free tax preparation providers for those who qualify. There are apps available for both Android and iPhone users, both of which have been updated for 2014.

If you think your check has been lost or stolen, use the "Where's my refund?" tool on the IRS website if more than 28 days have passed since the refund was issued.

Shirley Pulawski is a freelance journalist who frequently contributes to MyBankTracker.com.

10 U.S. States With The Lowest Taxes
10. New Mexico(01 of10)
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Taxes paid by residents as pct. of income: 8.4 percentTotal state and local taxes collected: $16.9 billionPct. of total taxes paid by residents: 59 percentPct. of total taxes paid by non-residents: 41 percentThe state and local tax burden on New Mexico residents is the tenth lowest in the country. The state has a slightly below-average business climate, with a corporate tax rate ranging from 4.8% to 7.6%. Gasoline taxes are quite low, but excise taxes on alcohol and cigarettes are above average. The state tax on beer is one of the highest in the country. A high percentage of state and local revenues come from non-residents. This is usually the case with most states with a low tax burden on its residents. Per capita, state residents pay just $2,027, the sixth-lowest amount in the country.Read more at 24/7 Wall St.
9. Louisiana(02 of10)
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Taxes paid by residents as pct. of income: 8.2 percentTotal state and local taxes collected: $44.2 billionPct. of total taxes paid by residents: 54 percentPct. of total taxes paid by non-residents: 46 percentDespite having the fifth highest average state and local sales tax rate, residents of Louisiana have a relatively low tax burden. A leading reason for this is the simple fact that, on average, residents pay one of the smallest amounts of total state and local taxes in the country. According to the Tax Foundation, property taxes in the state are $565.23 per capita, the fifth lowest amount among states. Louisiana also collects $1.78 in federal spending for every dollar spent on federal taxes -- the fourth highest ratio. This rate of federal spending helps offset the need for higher state revenue from taxes.Read more at 24/7 Wall St.
8. South Carolina(03 of10)
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Taxes paid by residents as pct. of income: 8.1 percentTotal state and local taxes collected: $35.4 billionPct. of total taxes paid by residents: 66 percentPct. of total taxes paid by non-residents: 34 percentResidents of South Carolina pay the second smallest total amount in state and local taxes per person in the country, behind only Mississippi. The average person in the state pays $2,742 in taxes. Excise taxes are extremely low: the state has the fifth lowest gasoline tax in the country and the ninth lowest cigarette tax. The state also has relatively low property taxes at both the state and local level.Read more at 24/7 Wall St.
7. New Hampshire(04 of10)
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Taxes paid by residents as pct. of income: 8 percentTotal state and local taxes collected: $9.6 billionPct. of total taxes paid by residents: 56.4 percentPct. of total taxes paid by non-residents: 43.6 percentNew Hampshire "has no special revenue source from non-residents, but the citizens' approval of limited government spending has kept the tax burden low," according to the Tax Foundation, The state has a flat 5% income tax rate that only applies to dividend and interest income, but, effectively, no tax on wages, and as a result most residents don't have to pay it. The state is also one of only five states that has no sales tax. This causes many people from outside of the state to travel to New Hampshire to purchase goods that are heavily taxed in their own states. Not all taxes in New Hampshire are low, however. The state has the third highest property tax rate in the country.Read more at 24/7 Wall St.
6. Texas(05 of10)
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Taxes paid by residents as pct. of income: 7.9 percentTotal state and local taxes collected: $196.5 billionPct. of total taxes paid by residents: 63.4 percentPct. of total taxes paid by non-residents: 36.6 percentThe population of Texas is 30% larger than New York, but collects more than 60% less in tax revenue than the Empire State. The tax burden on residents is the sixth lowest in the country, at just 7.9% of average income per resident. The biggest reason for this is that the state is one of just six in the country to levy no personal income tax. Texas also has the 11th lowest sales tax, at 7.39%, and average or below average rates on gasoline, cigarettes and alcohol.Read more at 24/7 Wall St.
5. Wyoming(06 of10)
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Taxes paid by residents as pct. of income: 7.8 percentTotal state and local taxes collected: $9.3 billionPct. of total taxes paid by residents: 29.9 percentPct. of total taxes paid by non-residents: 70.1 percentBesides Alaska, Wyoming has the greatest percentage of its state revenue paid for by non-residents. This is because of taxes on oil and coal that bring money in from out-of-state oil and mineral companies. These taxes account for such a large percentage of Wyoming's revenue that the state does without a corporate income tax. The state also has no individual income taxes. Wyoming has an average state and local sales tax rate of 5.38%, one of the lowest in the country.Read more at 24/7 Wall St.
4. Tennessee(07 of10)
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Taxes paid by residents as pct. of income: 7.6 percentTotal state and local taxes collected: $48 billionPct. of total taxes paid by residents: 63.7 percentPct. of total taxes paid by non-residents: 36.3 percentTennessee has the eleventh lowest per capita income in the country. Residents of the state pay just $1,851 in taxes, the second lowest amount in the U.S. The state's business climate is average, but other taxes are relatively low. The sales tax of 7% is one of the highest in the country, but food purchases are only taxed 5.5%. Dividend and interest income is taxed in the state at a rate of 6%, but there is no other personal income tax levied. Tennessee collects no state-level property tax, one of just a few to do so.Read more at 24/7 Wall St.
3. South Dakota(08 of10)
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Taxes paid by residents as pct. of income: 7.6 percentTotal state and local taxes collected: $5.2 billionPct. of total taxes paid by residents: 56 percentPct. of total taxes paid by non-residents: 44 percentSince 1977, South Dakota's tax burden has dropped from 9.1% to 7.6%, causing the state to change from the 15th least burdened state to the third least burdened. The state has no corporate or individual income tax. It is easier for South Dakota to keep a low tax burden than many other states, however. According to the most recent data available from the Tax Foundation, South Dakota receives $1.53 back for every dollar collected in federal taxes, lessening the state's dependence on state and local revenue.Read more at 24/7 Wall St.
2. Nevada(09 of10)
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Taxes paid by residents as pct. of income: 7.5 percentTotal state and local taxes collected: $20 billionPct. of total taxes paid by residents: 52.5 percentPct. of total taxes paid by non-residents: 47.5 percentNevada has the second-lowest tax burden in the country, with residents paying just 7.5% of their income on state and local taxes. Nearly half of all state tax revenue comes from non-residents. According to the Tax Association's State Business Tax Climate Index, Nevada has one of the most favorable environments for business, as it is one of the four states to levy no corporate tax at all. A significant amount of the state's revenue comes from "sin taxes" on gambling, alcohol, and tobacco, most of which comes from tourists. Sales tax is above the national average, and the tax on gasoline is one of the highest in the country. Counties are also allowed to levy additional gas taxes on top of the state.Read more at 24/7 Wall St.
1. Alaska(10 of10)
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Taxes paid by residents as pct. of income: 6.3 percentTotal state and local taxes collected: $18.8 billionPct. of total taxes paid by residents: 20.5 percentPct. of total taxes paid by non-residents: 79.5 percentAlaskans have the lowest tax burden of any state in the country, paying just 6.3% of their income in state and local taxes. This is over one full percentage point lower than the state with the second smallest tax burden. According to the Tax Foundation, "Before the Trans-Alaska pipeline was finished in 1977, taxpayers in Alaska bore the second-highest tax burden in the country. By 1980, with oil tax revenue pouring in, Alaska repealed its personal income tax and started sending out checks instead. The tax burden plummeted, and now Alaskans are the least taxed." The state also levies no personal income tax or sales tax.Read more at 24/7 Wall St.

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