Is Online Tax Filing For You? Try It Free With No Obligation
Last year, millions of Americans took advantage of online tax filing services. In fact, the Internal Revenue Service offers links to income tax preparation services on their website, and many of these services offer free federal income tax filing for people who meet certain income qualifications.
Most online tax filing sites function similarly. First, you must establish an account by setting up a user name, password, and providing an email address. An email confirmation will be sent automatically, and including a secure link to the site for confirmation of your identity.
Once your identity has been verified, you can begin entering information. These sites are generally divided into several sections. First, basic information such as your name, address, filing status, and name of dependents must be provided. The next section requires entry of information from your W-2s, and then you will be asked questions to determine what, if any, deductions you may have in order to determine your taxable income. Finally, the program calculates the amount of your income tax, and depending on your status, the amount you owe or your refund.
Once all the information has been entered, you can file electronically. Many sites provide free federal tax preparation and filing, but charge for the state tax preparation and filing service. You must pay any fees prior to the actual filing using a either a credit or debit card. You will also be asked how your refund should be processed. Generally, you can choose to have a check sent or for the money to be deposited into your checking or savings account.
If you have not previously filed electronically, you must either sign electronically (you need to have the previous years return to do this), or opt to sign a paper form, which will be mailed to you after you have filed.
After you have paid, you will have an opportunity to print out your return for review prior to filing. If everything looks okay, your return can be filed. Click the appropriate button, and then wait for verification that the transaction was processed successfully. You should also receive email confirmation of this transaction.
Anyone who files a 1040EZ or 1040 can file online with most of the sites. If your return is more complex, the selection is more limited, and it may be advisable to use a tax accountant. However, most of these sites can handle 1099s and business deductions.
Some tax software vendors offer free online tax preparation depending on your income level. A list of sites is available on the IRS web site indicating the income level at which they offer the free filing service. Be aware, though, that the free filing only pertains to your federal tax return, not the state.
Once you have used a tax service, your information is stored for the next tax-filing year. Write down your user name and password on the hard copy of your tax form, also noting the sites address. This will ensure that, next year, you will be able to log in and proceed without having to enter any preliminary information.
Gust A. Lenglet is an accomplished author and financial advisor in the field of personal finance and taxation. He is President and CEO of the HBS Financial Group, Ltd. and offers online tax filing as well as timely articles and information to assist you in tax planning.
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