E-FILING YOUR TAXES - WTOC-TV: Savannah, Beaufort, SC, News, Weather & Sports

E-FILING YOUR TAXES

Mark Green from the IRS says e-filing can cut down on errors and speed up your filing time.  Why e-file?

Why e-file?

  • Improved accuracy - IRS e-file software alerts taxpayer to errors before the return is filed.  Filing an accurate return decreases the chance of receiving error notice.  Less than 1% error rate on e-filed returns.  Paper returns have a 21% error rate.
  • Faster refunds  - Taxpayers receive refunds in half the time it normally takes to receive a paper check.  With direct deposit receive refunds within two weeks. 
  • Proof of filing - Within 48 hours of submission IRS delivers proof of filing.
  • Security - Privacy and security are assured.
  • Electronic signatures - Paperless filing is available to most taxpayers who e-file.  Use a Self-Select PIN and there's nothing to sign and nothing to mail.
  • Electronic payment options - e-filers with a balance due can schedule a safe and convenient electronic funds withdrawal from their bank account, or pay with a credit card (see #4).  "File Now and Pay Later" - by filing a return early and scheduling the tax payment for April 16.
  • One-Stop Filing - Federal/State e-file offers the convenience and economy of filing both returns together.

Free File Option -This filing season at least 70 percent (95 million) of individual taxpayers will be eligible for IRS Free File.  Tax software companies and the federal government have teamed up to offer free online tax preparation and electronic filing services to eligible taxpayers.  Go to www.irs.gov to access this free service.

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