E-filing has taken the IRS by storm and it expects that majority of the Americans will use this platform to file their 2013 returns.
These days a lot of taxpayers are e-filing their income tax returns. In 2012 more than 70 million Americans filed their returns electronically.
Here are some of the top benefits of e-filing:
1. Accuracy
E-filing has reduced the chance of making an error to about 1%. This is mainly because there are several applications used to double-check for any errors. In case an error occurs you will receive an error message prompting you to correct it. This ensures that the copy that is submitted to the tax department is virtually free of errors.
2. Security
E-filing is done over an encrypted and secured network which ensures the security of the information. A taxpayer’s financial and personal information is transmitted and saved in a file format that is proprietary to the IRS.
3. Paperless
E-filing helps save a lot of frustration and money, as well as time. You no longer need to shuffle mounds of paper to file your returns. Tax preparation applications will help you through the entire process of filing the returns if you decide to do it yourself – or speed the process if you still prefer professional tax preparation. These programs provide an extra safety measure that would otherwise not be easy if you were to file a paper return.
4. Completeness
Online tax filing programs lets you know if any information regarding the return is missing. For example if you fail to enter the Social Security Number, applicable deductions, exemption figure or withholding allowances you will receive a message warning you of incomplete information. You are only allowed to move forward once you have corrected the information. Once you are through and successful you will receive a message notifying you that your returns have been received.
If you’re interested in e-filing your 2013 taxes, give us a call. To download a free report on outsourced accounting, please visit us today.
