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eFile is the fastest way to file your taxes. If you're expecting a refund, using eFile will usually get you your cash within three weeks. Read on to learn how to file your taxes using eFile.
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Disclaimer
The content in this page is not a substitute for professional financial advice. Please contact your financial adviser before using the information presented here. </note>-
E-file is the fastest way to file your taxes. If you're expecting a refund, using e-file will usually get you your cash within three weeks. Read on to learn how to file your taxes using e-file.
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Disclaimer
The content in this page is not a substitute for professional financial advice. Please contact your financial adviser before using the information presented here. </note>Introduction
- 90 million taxpayers electronically filed their returns in 2008. The IRS maintains that e-file is secure, generates faster refunds, and reduces the likelihood of errors on the return. If you owe taxes, you can e-file and mail the payment in later. In order to take advantage of e-file, you need to assemble your tax information and select a preparation method that includes an e-file option.
Step 1: Assemble Your Tax Information
- The first step in filing your income taxes, no matter which method you use, is to gather all your tax documents together. This will include:
- Last year's tax return
- W-2s, 1099s, and other documentation of income received during the year
- Books and records of any businesses you operate
- Social security numbers for yourself, your spouse, and any dependents
- Details and supporting documents for expenditures that may be deductible
Step 2: Prepare Your Taxes
- There are several methods you can use to prepare your taxes so that they can be e-filed.
- If you prepare your taxes on your own and earn less than $56,000 a year, you may be eligible for Free File, an arrangement that the IRS has with several software companies to allow you to prepare and e-file your taxes at no charge.
- If you self-prepare and earn too much for Free File, you can e-file by using software provided by a company that the IRS has designated as an authorized e-file partner.
- Most franchised tax services and professional preparers offer e-file as part of their services. If you hire one, confirm up front that e-file will be available.
Step 3: Electronic Payment
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- While you can e-file and request a paper check, using direct deposit will get your refund to you faster. If you do all your banking electronically, you can also authorize the IRS to direct debit your account for any taxes due. This ensures that your payment will be made on time so you won't be subject to interest and penalties, but is not required in order to e-file. You can e-file and send any payment due by paper check at your convenience.
Conclusion
- E-filing is fast and convenient. In order to e-file, you need to gather all your tax documents, and then select a preparation method that offers an e-file option. When e-filing, consider using direct deposit if you're entitled to a refund, as it will speed the time it takes to get the cash sent to your bank account.
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