The Benefits of Filing Your Taxes OnlinePublished:
Why You Should E-File This Year
There are many benefits to filing your taxes online (also called “electronic filing” or “e-file”).
Once you are familiar with the advantages of e-file, there is a good chance that you will put down the pen and paper forever. Here are some of the biggest advantages of electronic filing:
Filing Online Helps Track & Organize Your Tax Records
When you file your taxes online, you are creating a permanent electronic record for your reference in the future. If a question comes up about your tax return, you will not have to dig through filing cabinets or giant stacks of paper. Instead, you can pull up your information on your computer and get to work right away.
Get a Bigger Tax Refund With E-File
While you may have to pay a fee to file your taxes electronically, in the end you could very well make this money back (plus more). Most people find that filing their taxes online gives them the chance to take advantage of more tax credits and tax deductions. This is because many tax preparation programs will inform you about potential tax benefits you’re eligible for as it helps you file your return. In turn, you may receive a larger tax refund or end up owing less money.
Electronic Filing Means Greater Accuracy
It should go without saying, but you need to make sure that your tax return is 100% accurate. When you file online this is often much easier to do. Online filing takes much of the guesswork out of the tax return process – most software programs do the math calculations for you. You won’t have to worry about which tax forms you need or what step to take next because the tax software will show you the way.
E-File Saves You Time
The last thing most people want to do is spend days or weeks sifting through papers to file their income tax return. When you opt to file your taxes online, it speeds up the whole tax preparation and filing process – plus, the IRS will process your tax return (and tax refund) faster.
File Online for a Faster Tax Refund
Are you expecting a tax refund from the IRS? If so, filing your taxes online ensures that you will receive your money as soon as possible. With an online tax filing program, using the “Direct Deposit” option will allow you to receive your refund within 3 weeks or less (in most cases). Your tax refund will be deposited directly in your bank account so you can use that money immediately.
There are many advantages to filing taxes online. With all of these benefits in mind, it is hard to imagine that anybody would want to file using paper tax forms.