Filing income taxes online in early 2011 and into April is one option that taxpayers have used as a way to make their income tax filing more easy and, reportedly, faster as options for electronically filing tax returns have allowed more taxpayers to not only hasten their tax return filing opportunities, but there are reports that e-filing may also bring about lower errors than filing on paper. There are even some taxpayers who have been able to file their income taxes electronically and sign up for a direct deposit on their income tax return, which can lead to faster refunds for individuals who would normally have filed traditionally and had to wait longer periods of time before they got there income tax return.
Also, the IRS has been promoting a free electronic filing option to taxpayers who have an income of less than $54,000 per year. Obviously, there are other benefits of allowing taxpayers to file their income taxes online as this can, again, offer faster refunds and will hopefully cut down on the number of individuals who seek out refund anticipation loans, as some of these loans are viewed as predatory in nature and can come at an excessive cost to the borrower.
In 2011, taxpayers have until Monday, April 18 to file their 2010 tax returns, but recent tax changes have reportedly led the IRS to wait until mid February to start processing certain income tax returns due to tax law changes that recently came into effect. Yet, the IRS has still prompted taxpayers to use this option for electronically filing their income taxes as even a delay in tax processing on the part of the IRS will still offer more benefits to men and women who file their tax return early.
While there are different taxpayers who may be using itemized deductions, claiming fee deductions or other expenses, it’s reported that the free electronic filing option for those who qualify at the IRS has resources available to men and women to help them more efficiently prepare and file their income taxes, but taxpayers are still able to consult outside tax preparation services who may guide them through their income tax return form.
Another reason that the IRS is prompting more taxpayers to file online is because they can track their refund after their income tax submission has been processed, and the IRS website has stated that tax payers usually get information concerning their refunds within 72 hours of receiving an electronically filed tax return. Understandably, not all taxpayers may want to electronically file their income taxes or there are some who may have questions and be in need of assistance, but the IRS is still making the option of filing income taxes online by or before April 18, 2011 known to taxpayers as, again, this can bring more efficiency to the filing process and lead to a faster return.