With the online income tax returns available today, you don’t have to spend time waiting in long lines or sweating it out with your accountant in order to file your returns on time. In fact, there are even self-assessment programs available that allow you to check how much tax you owe and verify your accounts online.
There are quite a few advantages to filing an online income tax return. Not only is it more convenient than the traditional methods of filing your income tax, but it is actually more secure as well.
Electronic safeguards and encryptions allow you to send your returns safely, without any worry that someone will intercept your papers and your identity will be stolen as a result. Also, when you’re filling out your forms, the amount you owe is completed automatically, resulting in fewer mistakes and disputes with the IRS. Filing online is definitely more convenient – you are sure your forms are received immediately plus you can send them in at any time – even in the wee hours of the morning! No more taking time off work just to file your taxes.
Perhaps the greatest boon here is the lack of paperwork. Because there is no hard copy to send, there is also no hard copy to file! Your online income tax return is stored online as well and can be accessed and printed out at any time to answer any disputes. Talk about keeping your house clean!
While the IRS doesn’t endorse any particular kind of tax software, be aware that there are authorized and accredited IRS e-file providers that you can confirm online.
You can file your online income tax return yourself! Just be sure to have all your pertinent papers together, like your Social Security number (also those for any dependents you may have like your spouse and children) your W-2s if you are employed, any receipts for deductible expenses, your records for your income and expenses, and Form 1099 for other income or for withholding income taxes, and a unique PIN. If you want to pay online as well, have your bank account number ready. This is also a requirement if you are expecting a refund since it can be credited to you more quickly.
Once you have your papers together, you can use a tax professional to compute your taxes for you, a personal computer with tax preparation software or a free file downloaded off the net.
Professional Tax Preparers are also equipped and authorized to file ITR online. You must, however, bring all your documents to him. But you can request that for an e-file. The IRS provides an online locator search so you can choose between the authorized providers that are located in the most convenient area for you.
If you choose to use purchased tax preparation software or the free download IRS provides, all you need to do is fill in the blanks with the correct information and you’re done. It’s really a great weight off your shoulders once you start paying state and federal taxes online.