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As you sit down for tax time this year, you're probably overwhelmed by the mountains of paperwork you need to complete to organize some semblance of a tax return. To add insult to injury, after you've completed your federal return, you have to start over with your state income tax forms. This of course culminates in needing to make some kind of sense of the pile of documents on your desk, and, at some point, mailing them in to the Internal Revenue Service.
You've probably heard, read and possibly even considered eFiling, but for whatever reason have avoided giving it a try. eFiling, short for electronic filing, is an option that is now available to nearly all taxpayers. It is quick, efficient and allows you to receive your return confirmation and return in as little as 7 business days – a great deal faster than the several weeks a paper form can take to process.
eFiling is also available for state returns. All but two states (and those that have no income tax) support eFiling of one form or another. Some states allow the returns to be filed separately, while others require them to be filed together. Either way, unless you live in New Hampshire or Tennessee, you will probably be able to file your state tax return electronically.
It is so convenient because it utilizes a computerized version of the tax return to assist you in completing your return. While the IRS does offer their own version that involves filling out a traditional form on the computer rather than paper, the vast majority of eFiling providers utilize programs that will guide you through the tax form process.
These programs reduce errors, increase awareness of deductions and generally neaten up the tax process. You'll also save time by not needing to examine the new tax code for the year. After you've filed, you can save your return to your computer to ensure that you have an electronic backup as well as a hard copy.
Because the IRS oversees eFiling and approves providers on an application by application basis, the eFiling system utilizes more stringent security standards than most software. The IRS mandates certain levels of consumer protection which must be met in order for the provider to keep their license up to date. These security standards ensure that when you transmit your tax return from your computer to the IRS, your personal and private information remains safe and sound.
Instead of slaving over a calculator, legal pad and a pile of loosely categorized receipts, consider using tax software to complete you federal and state income tax forms. You'll save time, energy and probably a bit of sanity, without ever having to leave your home or office.
Learn more about efile and state income tax forms from our website.
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