In 2016 more than 85% of the US taxpayers filed their taxes online. That’s a proof good enough to show you how paper-based tax returns are rapidly becoming a thing of the past. If you’re someone who is still filing his/her returns in the paper format, let’s give you some very good reasons to finally make the switch. If you are planning to apply for tax benefits like a disability tax credit, you may first consult with an expert to confirm your eligibility.
Easy and accurate
If you wants to learn how to file your taxes independently, you should know that e-filing your tax returns is the most accurate way to go about the task. All good tax software help people steer clear of mistakes as they perform the calculations on users’ behalf. You’re guided each step of the way. There is no paperwork involved and you don’t need to mail any tax forms either.
Security and safety
The e-filing process of IRS involves some very strict security guidelines. Modern encryption technologies are used for protecting the tax returns. In addition, IRS actively works with the taxation industry leaders and states to minimise the instances of tax refund fraud. More and more safeguards are being placed each year to make the tax e-filing process secure and safe for the users. Another reason why taxation authorities and tax software companies employ cutting-edge security for this process is because that’s the only best way to prevent identity theft which taxpayers are always prone to, when they file returns the old paper way.
Quicker refunds
E-filing returns significantly reduces the chances of mistakes and enables quicker processing of refunds. The best way to expedite the refund process is by availing the direct bank deposit facility while filing the returns. 9 out of 10 refunds processed by IRS are completed in less than 21 days, while some may take a little longer. E-filing helps you stay on top of all the different aspects of tax returns in a timely and effective manner.
Highly convenient and free!
Everyone likes saving money and you can easily e-file your tax returns through the IRS Free File available at IRS.gov. You may even qualify to e-file your taxes for free through the IRS volunteer programs. These programs involve voluntary income tax assistance and free-of-cost tax preparation for people earning $ 54,000 per annum or less. People 60 years or more in age can avail help of Tax Counselling for the Elderly program. Other than these, you can also e-file your taxes through a professional tax preparer or some commercial tax software.
Easy payment options and health care reporting assistance
In case you owe any taxes to the government, you can e-file your returns well-ahead of the deadline and set up automatic payment to pay IRS directly through your bank account, using IRS Direct Pay. Payment can also be made by electronic funds transfer, credit card or debit card. Apart from these easy payment options, IRS e-file can also assist you with tax provisions available under the Affordable Care Act.
Conclusion
E-filing of taxes has significantly increased the security, efficiency and quickness of the overall tax filing process. There’s no longer any room for human errors that used to be common place in paper-filed tax returns.
