Benefits of e-Filing Your Taxes

March 19, 2012

Did you know that more than 70 million taxpayers file their
tax returns electronically each year? The Internal Revenue Service is working
towards having every taxpayer eventually file their taxes online because it’s a
far more efficient and cost-effective way for them to process the tremendous
amount of tax-related data they receive.
Choosing to e-file can be beneficial for taxpayers, too. Of
course, you save yourself the cost of a stamp and a trip to the post office.
But, there are also many other benefits to consider including:
Choosing to e-file can significantly reduce the chance of error on your
return. Paper returns can be taken apart and information can be lost. With
e-filing, you are guaranteed that your completed return and all of its
information has been received by the IRS.
Electronically-filed tax returns are processed over secure, encrypted systems
to ensure your personal information cannot be accessed by anyone else. All
e-filing partners must abide by specific security and privacy requirements to
protect the security of taxpayer information.
Receipt Acknowledgement
Once your tax return has been e-filed, you will receive a ‘receipt
acknowledgement confirmation’ that confirms that it was submitted properly.
It’s important to keep this for your records.
Faster Refund
Income tax refunds from e-filed returns are processed much quicker. In
fact, they often arrive in half the time as paper-filed tax returns. To speed
the process even more, you can request your refund to be directly deposited
into your bank account.
Less Paper Used
Tax returns can be extensive, requiring a significant amount of paper.
E-filing is not only convenient, it’s better for the environment.
You still have time to get help with your 2011 income tax return. Contact Wallace &
today to schedule a consultation.