When it’s time to file your taxes, you have two options: you can choose to either submit your return electronically or by mail. If your business is still filing returns via paper then it might be time to start looking into e-filing. Mailing in your return can be time-consuming and complicated. Businesses can now take advantage of using professionals and IRS-authorized E-File providers to assist with filing tax information. There are seven benefits to electronically filing yours taxes:
By e-filing, you will follow step-by-step prompts when submitting your returns online. If you have any questions when filling out the information, you are only a few clicks away from speaking with a customer service representative or viewing tutorials on how to file your return. The process online is generally simple and fast compared to paper filing. It is also more environmentally friendly since you will be using less paper.
Goodbye are the days when you had to purchase a 50 page form packet or purchase software to complete your return. When e-filing, you only have to pay for the forms that you actually need to file.
This means that e-filing eliminates printing expenses.
3. Less Time Consuming
Since filing electronically is a streamlined process, you have less work that you have to do on your end. You save valuable time as you will not have to print, mail or manually submit W-2s and 1099s.
When filing online, you should have peace of mind that your information will be protected. Any data that you enter on a reputable site is encrypted as the IRS has strict guidelines they must follow.
5. More Flexibility
It can be frustrating when you have printing issues or paper jams. Online forms offer some flexibility as they will have drop-down lists and will show what sections are required. You also have the option to save your partially completed documents and complete them at a later date.
By filing online, you will be able to quickly fix mistakes on a form prior to submitting. If you have submitted a form with an error, it is a simple process to amend this error. You will be prompted to follow the step-by step instructions to complete a Type 1 correction form online.
7. Faster Processing
Finally, it would take months for the IRS to process your paper return, and if you are expecting a refund, you’ll be waiting quite a while! Electronic returns are processed much more quickly, and you may see your refund within 10 days of acceptance.
In conclusion, e-filing means that you will save your valuable time as well as money. Filing electronically will allow you to focus on what matters most in your business.