Tuesday, January 17, 2012

USA - IRS Launched the Tax Returns e-Filing for 2012

source: irs.gov
Today, January 17, 2012 - the US IRS launched the 2012 electronic tax filing season. Last year, the electronic system revolutionized the processing of tax returns and speedy refunds were possible. More than 112 million income tax returns were e-filed or 77 percent of all individual returns filed electronically. E-filing system will also notify the taxpayer if his/her filing was correct and accepted. Or when declined, it will provide a window of opportunity in re-filing.

"E-file is the best option for taxpayers. E-file enables taxpayers to file more accurate returns and receive their refunds quickly and safely," said IRS Commissioner Doug Shulman.

Taxpayers can get their tax refunds in as few as 10 days. Last year, more than 79 million refunds were electronically deposited directly into taxpayers’ accounts, saving them a trip to the bank and the fastest way to get a refund after e-fling.

What this means for you?

Ideally, electronic e-filing your taxes is convenient and very easy. There are three ways that were recommended by the US IRS on how to file your taxes electronically. They are the following;
1. Through self e-filing by using a tax software e.g. Turbo Tax and similar softwares
2. Through a Tax Preparer
3. Through IRS Free File. However, please note that there is a limitation to the adjusted gross income of $57,000 or less of a given family or an individual when using this system.

When your adjusted gross income is higher than $57,000, consider using either item 1 or item 2 in the recommended ways of e-filing. Don't wait for the deadline on April 17, 2012.

Please click the following links to read more details;

E-filing of Tax Returns Opened

IRS Free E-filing of Federal Taxes

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