So, you finally have all your tax information together and are ready to file your tax return? Not so fast! You still have a couple other decisions to make.
Most importantly, you need to decide if you are going to mail a paper return or file your taxes online. If you are interested in filing your taxes online, you will find the following information useful:
1. Try the IRS e-file option. Many people are unaware of the fact that the IRS has their own online e-file program. There is no better way to ensure that you are accurately, efficiently, and securely submitting your federal income tax return. Additionally, if your adjusted gross income (AGI) is less than $57,000 you will qualify for free e-filing. Even if you earned more than $57,000, you can still file your taxes online with IRS e-file – you will just have to pay a fee to do so.
2. Make use of tax preparation software. There are many well-known software programs that can help you prepare and file your taxes online. You should try to choose an application that is user-friendly, that has the right features, and is simple to follow. The last thing you want is software that is going to confuse you even more. It may be a good idea to shop around and read consumer reviews of particular tax preparation products. Good ones to try are 1040.com or TaxAct.
3. Schedule an appointment with a tax professional. In today’s day and age, a growing number of tax professionals are opting for electronic filing on behalf of their clients. To be sure, you can ask the tax professional if they file taxes online or by paper mail before you schedule an appointment.
4. You still need the right forms and documentation. Just because you are filing your taxes online does not mean that you won’t need the proper tax forms/schedules and other supporting documents. You will need to provide your W-2 forms, 1099’s, and receipts for deductions. Also be prepared with any other pertinent financial information ― such as bank statements (for interest earned) and loan contracts (for mortgage interest and student loan interest tax deductions).
5. Review your tax return before submitting it online. With a paper return, you need to review every detail on the tax form before putting it in the mailbox. With the e-file option, your return is transmitted to the IRS once you approve it and click the “submit” button. It would be in your best interest to double-check your entries before filing your return online with the IRS. Just like any other method of filing, you will have to file an amended return (IRS Tax Form 1040X) in the future if a mistake is made. If you want to file your taxes online this information should point in the right direction. With nearly 100 million people filing their tax returns electronically, it is clear that there are many benefits. Click HERE to file your taxes online!