All You Need To Know About E-Filing
Filing taxes is a necessary chore that none of us like doing. But with the advent of technology, the process has become much easier than it was a few years ago. E-Filing, or electronic filing of taxes, is a process that allows taxpayers to file their tax returns online. E-Filing is quick, easy, and secure. This article will provide you with all the information you need to know about E-Filing your tax returns.
What is E-Filing?
E-Filing is the process of filing your tax returns electronically. Instead of filing your return on paper, you can use software to fill out your information, and then transmit that information directly to the IRS (Internal Revenue Service) or a state tax agency. E-Filing eliminates many of the hassles of paper filing, and it has several benefits.
Benefits of E-Filing
The benefits of E-Filing are extensive. Here are some of them:
1. Faster refunds: The IRS processes electronic returns much faster than paper returns. You can receive your refund within 21 days or in some cases, even a few days.
2. Fewer errors: When using E-Filing software, users are less likely to make mistakes than they would if doing it on paper. The software can catch errors, which may cause problems later on.
3. Secure: E-Filing is secure. The IRS recommends it as the safest way to file taxes since the transmission of your information is encrypted.
4. Convenience: E-Filing is convenient. You can file from anywhere as long as you have a device that can access the internet. It is possible to save your work progress and resume it later.
5. Greater Accuracy: There is a greater level of accuracy when E-Filing and it eliminates the need for interpreting messy handwriting or the likelihood of the tax preparer making errors due to misreading the handwriting.
How to File Taxes Electronically
E-Filing can be done in several ways:
1. Using Tax Preparation Software: Many tax preparation software products offer the option to E-File your tax returns. Examples of such software are TurboTax, H&R Block, TaxAct, etc. They guide you through the process of filling out your tax return and automatically calculate your taxes while checking for errors.
2. Using Free File: The IRS has a program called Free File, offering free tax software to those who have earned below a certain income. The program is available to those who make $72,000 or less.
3. Using Tax Professional: A tax professional can help you with E-Filing. All you need to do is provide them with the necessary information.
4. Using Tax Forms: It is possible to E-File using tax forms from the IRS. However, you need to have software that supports the use of the E-File format.
How to Choose the Right Tax Preparation Software
With many tax preparation software available, choosing the right one can be daunting. Here are some factors to consider when ing:
1. Price: Prices vary from one program to another, with some being free, whereas others require a fee. Deciding on the price range of a program is essential before making a decision.
2. Ease of Use: The software must be user-friendly, making it easy for the user to navigate, with any guidance on hand.
3. Support: It is crucial to verify what kind of support is offered by the software provider when using their product. Consider their availability via phone, online chat, or email.
4. Compatibility: Always verify the compatibility of the software with the operating systems used, as well as the devices you intend to use.
5. Security: The security of your data is essential, given that you are transmitting sensitive information. It is advisable to go with a software provider with experience in the industry.
How to Prepare for E-Filing
Here are the steps to take before E-Filing your taxes:
1. Gather the necessary information: The information required when filing your taxes includes proof of income (W-2), medical expense receipts, and proof of property taxes paid.
2. Verify with your employer: Ensure that the information contained in your W-2 is accurate. If there are errors, follow up with your employer. This can save you from receiving a notice for an incorrect filing.
3. Update your documents: Verify that all your tax documents are up to date, this includes updating your address, phone number, and other relevant details.
4. Ensure sufficient record-keeping: Ensure that you have all your receipts, tax forms, and other relevant documents in an organized way to simplify the process.
5. Choose the right software: Align yourself with the right software provider, which can guide you through the filing process accurately.
Tips for E-Filing Your Taxes
1. Verify all information: Before submitting your return, make sure to check that all your information is correct. Verify figures with your Form W-2 and other tax documents.
2. File before the deadline: File your taxes on time to save yourself from late filing penalties. Most filers are required to file by April 15th, although certain exceptions may apply.
3. Use direct deposit: Sign up for a direct deposit, and the IRS can deposit your refund straight into your bank account, making it more convenient for you and faster than a paper check.
4. Remember security: Ensure that you choose a strong, unique password for all your logins and that you keep it secure.
5. Always verify: Before filing, double-check that all your uploaded documents, such as W-2s and 1099s, are the correct ones.
Conclusion
E-Filing has revolutionized tax filing, providing an easy, quick, and secure way to file taxes. Many software providers offer various options, with different prices and tools suited to different needs. Before filing, ensure you have all the necessary documents organized in a manner that simplifies the filing process. Always check that all information submitted is correct and up-to-date. E-Filing can be done using tax professional services, free software from the IRS or purchase of tax preparation software. Theoretically, E-Filing should be an easy, hassle-free experience.
E-File Background
E-filing is a term that is used for the process of electronically submitting or filing ones takes. E-filing takes place when an individual has completed their taxes and sends them to the IRS. E-files are encrypted so no one is able to access them other than the person who has submitted them and those who work at the IRS.
E-filing can lessen the amount of human error that past techniques were creating. Previously the IRS would manually enter submitted information into the computer or scanned in the information in. When a person e-files, information regarding taxes, credit cards, and bank accounts is shared with the IRS therefore it is important to understand the safety of this process.
IRS E-file
An IRS E-file is when a person electronically submits their taxes to the IRS through the use of software and the internet. Using and IRS e-file ensures that the taxes will be submitted safely, in a quick manner. Those who use and IRS e-file can receive their IRS refund in a very short period of time.
The IRS offers and e-file program for eligible tax payers that are free to use; this program is known as Free File. If a person is not eligible for IRS’s Free File, many tax preparation software can be purchased and downloaded to help complete tax returns and e-file them in a prompt manner.
 TurboTax Home and Business Federal State E-file 2008
The TurboTax Home and Business Federal State e-file 2008 download prepares and prints federal and state tax returns. This software can also e-file up five separate tax returns at no additional cost.
When a person uses the TurboTax home and business federal state e-file 2008 software, they will be notified by the IRS with a confirmation saying that their tax return has been submitted and a refund will be submitted to the individual with in an eight day period. TurboTax Home and Business Federal State e-file 2008 can assist individuals by creating w-2 forms, 1099 forms, simplifies entering income, and provides excellent customer support for software and tax questions.
TurboTax Deluxe Federal State E-file 2008
TurboTax Deluxe Federal State E-file 2008 is one of TurboTax’s specific software that allows individuals to prepare, print, and e-file tax returns in a quick and easy fashion. Although TurboTax Deluxe Federal State E-file 2008 can be used by anyone, it was primarily created for those who own their own home, donate to charities, and have large education or medical bills, and those who have childcare expenses.
TurboTax Deluxe federal state e-file 2008 offers many options, features, and preferences that allows for the preparing and filing of taxes to be fairly simple and can be completed in a timely manner. Like most other TurboTax products, TurboTax Deluxe federal state e-file 2008 allows for a tax return in as little as eight days after e-filing.
