Home     About Us    Contact Us     Contribute     Privacy
Investing
Stocks
Bonds
Mutual Funds
Biz
Credit
Career
College
Economics
Tax
More
 
 
Marketplace
Related Articles
More
Related Definitions
Related Categories
Tip of the Day

Tip of the Day Get a Professional Certificate

Get a Professional Certificate - When you decide which profession you wish to enter, you should check first to see if your chosen field offers a certificate. If it does...

read entire tip

Related Podcasts
Recently Added
Other Great Sites
 

E-filing Taxes

Sometimes, the hassle and stress of filling out tax returns every year becomes overwhelming. People are always looking for new ways to make their taxes easier to manage and recently the IRS has created another way to do taxes - over the internet.

Is it possible to file your taxes by using the internet? The answer is a definite yes. E-Filing is relatively new but it works with the Internal Revenue Service (IRS) Electronic Filing System. Any taxpayer or tax preparer approved by the Electronic Return Originator (ERO) can file their tax returns online.

There are five great benefits a person receives when they e-filing their taxes. The taxpayer gets a Proof of Filing because an acknowledgement of filing is made when the return is accepted and received. It is extremely convenient because a person can file electronically at anytime, 24-hours a day seven days a week. The accuracy is guaranteed because studies have shown that with electronically filed taxes have 13 percent fewer errors than those taxes that are filed using paper returns.

The next advantage is that it can be directly deposited in the taxpayer's bank account and surprisingly, it's the most secure way of filling taxes. When a person files their taxes over the web, all of their tax return information is encrypted by the government and is transmitted over secure lines. Therefore, it ensures the highest level of confidentiality.

To e-file taxes over the internet individually, the taxpayer must obviously have a computer but not only that, they need to have software approved by the Department of Revenue and the IRS. This software can be purchased or downloaded from the internet. However, taxpayers can e-file through another tax preparer. However, that preparer must be approved by the IRS, otherwise it will not be processed. To be certain whether or not a third-party tax preparer is approved and authorized by the IRS, they should check for the person's authorization by the IRS. Anyone can access this important information from the IRS's main website and it is listed under Electronic Return Originators (ERO).

A taxpayer received acknowledgment that their tax return has been filed online by notification from the IRS. Usually, within 24 hours of the received e-file, the IRS will notify the taxpayer of the tax return received. However, if the IRS finds an error within the tax return, they will send back the file for correction. After the corrections are made, then it can then be send back.

E-file tax return is becoming more and more common each year. If a person chooses to use this method of filing over the internet, they will find that this method can save them a lot of stress and time.

Discuss It!

view it now said:

I would state, you do the truly staggering. Befuddling tips and clear.

es file explorer for pc said:

Download ES File Explorer app for Android. Easily manages files between multiple storage drives. ? Virus Free.

Most Popular Articles
Most Popular Definitions
 
Daily Definition

Definition of the Day Black Tuesday

Black Tuesday - Black Tuesday took place on October 29 in the year 1929 and was probably the most famous stock market crash ever to be remembered in stock market history. On this day, the stock market's stocks lost 13 percent of their value and...

read entire definition

 
 

 

 

Home     About Us    Contact Us     Contribute     Sitemap

A B C D E F G H I J K L M N O P Q R S T U V W X Y Z

Copyright © 2009 TeenAnalyst.com