Monday, January 12 2015
How does electronic filing (eFile) benefit you? There are many benefits to electronically filing your income tax return. Some benefits of using E-File to file your return are that it provides faster refunds, it provides ability to file in English or Spanish, and there are fewer costs by using minimal amounts of paper. If you are looking for a faster refund, you may authorize a direct deposit to a financial institution that you included in the electronic portion of the return. If you do not want to use the direct deposit option to have it deposited into your checking or savings account, you may have a check mailed to you, which usually takes three weeks to receive. One you have E-filed your return, the IRS will send you an acknowledgement receipt. After 72 hours of receiving the acknowledgement receipt, you may go online to check the status.
An added benefit and convenience, most states allows you to file your electronic state and federal return at the same time. You will need to check with your state tax agency and/or IRS for the rules regarding the State you live in. If a tax professional is E-filing your tax return, you will need to complete Form 8879, IRS e-file signature authorization, to give permission to your tax professional to enter your PIN on your return.
The benefits of using IRS e-file are enormous. It is convenient and it saves time and money. Whether it is from your home or at your business. The proliferation of e-file system must be considered when filing your return. We have come a long way and there is no easier and faster way than to e-File your return.