There is a reason why 90% of taxpayers file their tax returns electronically instead of by mail every year. Filing online, or e-filing, has become so popular because it is quick, easy, and ultimately gets processed faster. Continue reading for a breakdown of the benefits of e-filing and why the IRS recommends this filing method.
Convenience of filing taxes online
Gone are the days of making an appointment with your accounting office and waiting around while they punch a calculator in between asking for your signature.
You can file online from anywhere. Web-based tax programs only require an internet connection that allows you to make everywhere your tax office. With locally downloaded programs, taxes can be filed anywhere you take your computer.
The step-by-step programs give users the confidence that they’re completing everything and won’t be subject to any penalties for inaccuracy. You can even start filing, get as far as your time allows, save what you’ve already done, and return to it later. All in all, filing online is just more convenient.
Electronic records of tax forms
It’s best practice to keep records of your taxes for up to seven years. After that, throwing out old tax records can be risky and open you up to identity theft if they’re not disposed of properly. On the other hand, that stack of past taxes will continue to grow and grow each year, taking up more and more space. Fingers crossed for no floods or fires.
E-filing allows you to keep as many years of history as you want, stored securely online without taking up any physical space in drawers or folders. This makes information easy to retrieve when you need it.
Everything processes faster when you file online. For example, you won’t have to read the instructions for each form you’re filing and determine which number goes in which box. Instead, e-filing asks simple and intuitive questions, makes it clear where to input information, and automatically fills out the proper forms.
Electronic signatures make it so that you don’t have to write your name a million times to file. Simply draw your signature on your device’s trackpad and then copy and paste it when indicated to do so. As soon as you complete and submit your return, that information is sent directly to the IRS immediately. This eliminates waiting for the postal service to deliver the documents, for the IRS mail room to sort them, and eventually get them to someone who can approve them.
It also means that if you are due a refund, you’ll get it faster. E-filing expedites the processing of your information – including your banking and refund delivery information. If you request a direct deposit, it is automatically wired to your bank account once it’s processed by the IRS, as opposed to being at the mercy of the postal service and waiting for a physical check.
The amount of time it takes to get your refund varies based on your filing method, when you submit your return, certain credits you claim, and how you choose to receive your refund. If you file electronically and request a direct deposit, you can receive your refund as soon as 1-3 weeks from the time your return is accepted. Learn more about when to expect your refund here.
Accuracy of filing taxes online
The most important part about filing taxes is accuracy. Giving incomplete or incorrect information to the IRS can result in hefty fines, penalties, and even jail time. When you choose TaxSlayer, you can file confidently knowing our calculations are always up to date and we have a 100% accuracy guarantee.
More money for your tax refund
One of the main advantages of e-filing taxes is that programs, like TaxSlayer, are built to save you the most money. TaxSlayer helps you find all the credits and deductions you deserve. In many cases, people learn that they are eligible for additional savings by using TaxSlayer, which saves them money on their tax returns and finds opportunities to boost their tax refund.
Ready to start filing your return? Let TaxSlayer help you get your biggest refund!
This article was last updated on 12/12/2022.