Filing taxes is one of the few things that many people dread once every year. Why? Because there are a plethora of forms, the tax codes are complex, and not doing them correctly can be expensive. That’s why a large number of people choose to file online, instead of paying stubs to an accounting office by lugging a binder full of receipts.
The main reason e-filing, or online tax filing services, has become so famous is because it’s easy, quick, and everything gets processed faster. Here’s the breakdown of the advantages e-filing offers:
Convenience
The days of arranging an appointment with your accounting office are long gone. Now, you don’t need to wait around while they punch a calculator, simultaneously asking you for your signature.
Online filing can occur from anywhere. The internet is a sole requirement for any web-based tax program, and therefore, your tax office is virtually located anywhere.
The programs allow users the confidence that they won’t be subject to any penalties for incorrectness and that they’re not missing out on anything. You can also start filing, go as ahead as your time permits, save what you’ve already finished, and return to it later. To sum it up, e-filing offers you convenience.
Electronic Records
The practice of keeping the records of your taxes up to seven years is highly recommended. It may be risky to throw out old tax records. If not disposed of properly, they can open you up for identity theft. In contrast, that stack of past taxes will continue to grow every year, taking up more space. Fingers crossed for no fires or floods.
E-filing gives you the luxury of keeping as many years of history as you want, securely stored online and not using any physical space in folders or drawers. This makes information easy to retrieve.
Faster Processing
When you file online, everything processes faster. You won’t have to go through every instruction for every form you’re filing and determine what number goes in what box. E-filing asks intuitive and simple questions, making it clear where to input information and filling out the appropriate forms on its own in the back-end.
With electronic signatures, you won’t even have to write your name a million times for filing. Just draw your signature on the trackpad of your device, copying and pasting it when indicated to do so.
Besides the time that you actually spend on your PC filing your tax returns, finishing them online also indicates that the information gets passed on the back-end faster, too. As soon as your end is finished, the information is directly sent to the IRS on an immediate basis. This gets rid of any wait-time for the postal service to submit the documents, the mailroom of IRS to sort them, and then eventually get them to someone who can get the approval.
This also means that, in case you get a refund, you’ll get that back quickly too. Not only because the information of tax return can be quickly processed, but also because features such as direct deposit ensure your tax refunds are wired automatically to your bank account, in contrast to having to wait for a physical check and being at the mercy of the postal service.
Accuracy
The accuracy is the most important part about filing taxes. Giving incorrect or incomplete information to the IRS may result in hefty penalties, fines, and even jail time. Filing online ensures that the forms sent to the IRS will be accurate, as long as the information you input is accurate.
In the majority of the cases, the e-filing program guarantees precision where, if there is any mistake, they have the responsibility of incurring any fees and correcting them.
If you’re looking for online tax return or tax preparation services in Utah, look no further than what BoswickTax has to offer. Contact us now to know more!