Electronic filing is a method of transmitting your tax return information directly to the IRS
and your state's Department of Revenue. E-filing greatly increases the accuracy of your
tax return by eliminating over 99% of the filing mistakes associated with paper filing. It also
helps you get your refund faster. An e-filed federal refund can be received in as little as 2
weeks, and as quickly as 24 hours with an optional Refund Anticipation Loan.
According to the IRS, E-filers enjoy the following benefits:
Fewer mistakes because the return was transmitted electronically instead of being
entered manually (the error rate for electronic returns is less than one percent).
No paper returns to process.
For the taxpayer there was no longer a concern that the postal service would not
deliver the return.
Electronic Confirmation - The IRS acknowledges receipt of the return. They also
check the return to make sure basic information is accurate (e.g. spelling of names,
dates of birth, Social Security Numbers, etc.). If these types of mistakes are made
the IRS sends a reject acknowledgment letting the E-filer know what needs to be
fixed before retransmitting. This reduces the chances of receiving a pesky IRS letter!
Faster Refunds - Typically, taxpayers' refunds are received in about half the time it
takes for a paper return.
Electronic Signatures - You can create your own Personal Identification Number
(PIN) that represents your signature. This allows you to file a completely paperless
return with the IRS.
File Now, Pay Later - E-filers who owe the IRS can file their return now and
schedule a payment to be drafted from their bank account on the due date. This is
in contrast to a paper return where you have to mail payment when you send the
return. You can also pay your balance due by credit card or enroll in the ElectronicFederal Tax Payment System (EFTPS) to make payments by phone or Internet.
Because of these advantages, the IRS began partnering with tax professionals to offer this
service to taxpayers.
Don't delay; visit your local LAURA TAX SERVICES office to have our knowledgeable
preparers complete your tax return. We electronically file all tax returns unless the client
requests otherwise. And, it is FREE with paid tax preparation.