The Internal Revenue Service (IRS) opened the 2012 electronic tax return filing season on 17th January, 2012. This is a reminder to the taxpayers that the best way to get quick refunds and tax returns is to e-file their taxes. It should be noted here that tax returns can be e-filed in the following three ways:
- Through a tax return preparer
- Through self-preparation software
- Through IRS Free File
This e-filing facility has gained immense popularity in the recent times and has surpassed the milestone of 1 billion returns processed. It is estimated that more than 112 million income tax returns were e-filed last year.
A large number of people use the e-filing option as it has proven itself to be one of the safest and secure methods of filing tax returns. The Software vendors and paid tax return preparers, associated with the IRS e-filing option, use the latest encryption technology. Apart from this, the person e-filing the tax returns will receive an electronic acknowledgement within 48 hours of the filling out of the forms. They will also come to know whether or not their application has been accepted or rejected by the IRS.
The fastest way to get a refund is by e-filing the tax returns and using the direct deposit option. Taxpayers have reported that using the direct deposit option, they have received their money automatically in as few as 10 days. Around 79 million refunds were electronically deposited into taxpayers' accounts last year.
One of the best part of the IRS e-filing option is that people who owe taxes can get alternative payment options such as filing now and setting up payment on the April tax deadline. Also, the taxpayers who want to pay their taxes by check can do so by filing online and then mail a payment voucher to the IRS. Moreover, the IRS does not even charge for e-filing.