January 23, 2005 06:28 AM
The Many Ways To Electronically File Your Tax Return
Excerpt: There's more than one way to electronically submit your return. Here's a look at your e-file options.
You've decided it's finally time to take that big technological tax step. This year, you're e-filing.
You definitely won't be alone. Almost 62 million taxpayers electronically filed returns last year. That was a new record, one the Internal Revenue Service expects to break this filing season. In fact, the agency predicts that more than half of the 133 million individual tax returns it gets this year will be e-filed.
Electronic filing offers several attractions. In most cases, the computer filing programs have all the forms you'll need. You're taken step-by-step through the process. The electronic calculators make fewer mistakes (as long as you enter in the correct numbers).
A major e-filing advantage: Your return gets to and is processed by the IRS sooner. That's especially important if you're expecting a refund. The IRS says turnaround on an e-filed return generally is around 14 days.
Even better, there's more than one way to electronically submit your return. Here's a look at your e-file options.
Hire a tax professional
The IRS says computer filing through an authorized tax professional has been the core of e-filing since the system debuted in 1986. Paid tax preparers work with clients to complete their returns and then send them electronically to the IRS. Some preparers take care of the whole process, getting the taxpayer's raw data, exploring appropriate tax breaks, filling in the electronic forms and then submitting them. Others let the taxpayer fill out a paper return and then simply transfer that information to the electronic format for filing.
Tax professionals filed 37 million returns electronically last year, so it's likely there's an IRS-authorized e-filer in your area. There are many types of tax professionals, so be sure you find the one that suits your tax needs.
Do-it-yourself
If you're comfortable doing your own taxes, you can buy tax software and put it on your PC. You can either pick up the program at your neighborhood electronics or department store or go to the company's Web site and download it. These packages promise to save you time as well as cash. Just make sure you choose software that fits your filing (and computer) situation.
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