The Internal Revenue Service (IRS) has released numerous publications delineating the advantages of electronically submitting tax returns.
Consequently, the question arises: What motivates the IRS to advocate for the electronic filing of tax returns as opposed to the traditional paper-based method?
The following are some elucidating reasons:
IRS: Faster Processing with E-Filed Returns
The processing duration for paper documents by the Internal Revenue Service (IRS) tends to be lengthier compared to electronic submissions, a logical outcome as the paper documents necessitate digitization upon receipt.
Consequently, the submission of paper forms introduces an additional processing step for tax returns.
Furthermore, the potential for errors and omissions in paper forms may contribute to further delays in processing.
In contrast, electronic filing streamlines the process by enabling the tax software to perform calculations and prevent the omission of information.
The digital nature of an e-filed return eliminates the necessity for the IRS to digitize the submitted documents, resulting in expedited processing times.
This efficiency not only benefits the IRS but also facilitates a quicker availability of refunds for the taxpayer.
Rob Burnette, an investment advisor representative and professional tax preparer at Outlook Financial Center, underscores the advantages of electronic filing, noting that it expedites the processing of refunds, making them available sooner compared to paper filings.
Maximizing Your E-File: Top Tax Filing Tips
To enhance your transition to electronic tax filings, consider the following:
- Choose Reputable Tax Software: Opt for tax software solutions known for their accuracy and security, such as TurboTax, Tax Slayer, and H&R Block.
- Opt for Direct Deposit: Select the direct deposit option when receiving your tax return for a faster processing time—around 21 days, compared to the four to six weeks associated with paper checks. This choice not only expedites the refund process but also provides protection against theft, a prevalent concern during the season when criminals may target mailboxes seeking tax refund checks.
- Stay Alert to Scams: Given the abundance of IRS impersonation scams during tax season, maintain vigilance in identifying potential threats. Recognize that the IRS rarely initiates unsolicited phone calls to consumers, typically doing so only after unsuccessful attempts to contact the taxpayer by mail on multiple occasions. Consequently, an unexpected call from an individual claiming to be an IRS representative, without prior mailed correspondence from the IRS on the relevant matter, is likely a fraudulent attempt.