E-File - Tax Filing Made Easy.About 70% of all individual tax returns use “short” tax forms (1040A or 1040EZ). Studies conducted by the IRS suggest that over ten hours are needed to prepare a 1040A tax return using paper forms. Meanwhile, several online tax software companies report that people using online tax software prepare and file their tax returns in well under an hour. In fact, about 50% of actual online tax software users completed their tax return, in one sitting, in under 30 minutes. Online tax software makes preparing taxes easy. The computer software leads you step-by-step and verifies the math. Using a personal computer with an Internet connection, online filers just answer the simple questions in tax preparation software, and the software will does the rest for you. No more last minute trips to the Post Office - just hit Send! IRS provides an official acknowledgement that your return was received. Owe money? You can authorize an electronic funds withdrawal from your savings or checking account or use a credit card. You can’t get these features with paper tax forms. Fast Tax Refunds: With IRS e-file, you can receive your Income Tax Refund in about half the time as paper filers, or even faster with Direct Deposit. With e-file, you can get your refund in 9-15 days. With paper forms, hope to get your refund in 3 to 6 weeks. Greater Accuracy, Fewer Errors: E-File tax software greatly reduces the chance for errors. You’re less likely to hear from the IRS down the road because e-filed returns are automatically checked for accuracy (99 percent accurate). If errors are detected, you or your tax preparer will receive an electronic message indicating the error and will allow the mistake to be corrected and resubmitted without penalty. Conversely, the IRS reports up to a 20% error rate in Paper Tax Return. Also, those using paper forms are more likely to receive an IRS penalty or have their payments misapplied. Peace of Mind: After e-filing your tax return the IRS provides an official acknowledgment of your tax return. You’ll get confirmation within 48 hours that the IRS received your return. This is something you do not get with paper form tax returns. And e-file is secure. The IRS reports that e-file transmissions are absolutely secure. IRS e file meets or exceeds all government security standards. And, according to the IRS taxpayers who use IRS e-file have no greater chance of being audited than those who file paper returns. If you owe money, you can file early in the season and delay electronic funds withdrawal payments to as late as April 15, 2005. Research shows that more than 80 percent of taxpayers who have tried e-file are “very satisfied” with the benefits of IRS e-file. 83 percent of individual taxpayers who use IRS e-file remained loyal and e-filed the following year. |
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