Weighing Each Side of the E-File Debate
Benjamin Franklin said, “Nothing can be said to be certain, except death and taxes,” – wonder what he’d think about e-file! We can’t speak to the former, but we do know that tax season is upon us. Among the many decisions we all face at this time of year, one of the biggest is whether to submit a paper tax return or to e-file. If you are unsure whether you should try using e-file, here are our top pros and cons for using the e-file system.
Pros:
- If you have a refund coming to you, you will receive it faster with e-file than if you mailed your tax return to the IRS.
- You are far less likely to file a tax return with math errors if you e-file, because the software checks your math.
- If the e-file system detects a defect in your filing, you will know within a day or two and can quickly correct the issue.
Cons:
- If you end up owing money, the IRS will know that you owe them a check right away. Submitting a paper tax return will buy you a little time on paying your tax bill.
- If your adjusted gross income is greater than $57,000, you will be charged a fee for using the e-file system.
- While your computer and the e-file website may have great security features, there is always a chance that your e-file tax return could be hacked.
If you have more questions, contact a bookkeeper in Alpharetta, GA now with your most pressing tax questions.
