How To Efile Taxes
When it’s tax time and you’re considering ways to file your taxes, it may be most convenient to learn how to eFile your taxes. eFiling taxes reduces unnecessary paper waste and also allows you to avoid the mail. If you’re expecting a refund, that means you may receive your money more quickly from the government. There are a few easy steps to remember when eFiling taxes.
To eFile taxes, you will need:
- W-2’s (These are provided by your employers)
- 1099’s (These come from banks and investment companies where you have savings and investments)
- Last Year’s Tax Return (if available)
- Decide how you wish to e-File. Conventional eFiling will require you to have a professional complete you taxes who has access to the government eFile system, or will require popular off-the-shelf software which is armed with the ability to eFile. If you wish to do your own taxes, you may use an electronic filing system similar to eFile called Free File. Free File is eligible for anyone, and the online forms appear in the same format as paper forms, but with fields you complete without additional software.
- Choose which form you need, based on your income, filing status, and personal situation. For people earning less than $100,000 of W-2 income, without other sources of income, dependents, and didn’t claim an IRA or are eligible for child, education, or other tax credits, the 1040EZ may be the best option to file. It’s the shortest and most simple. If you are earn less than $100,0000 of W-2 income, are eligible for tax credits, have made a contribution to an IRA, or have children but aren’t going to itemize your deductions, form 1040A may be a better choice. Everyone else should use form 1040. The IRS website has more details on the differences between each form and which may be best for you.
- Download the instruction book from the IRS web site that accompanies your chosen form. These are invaluable when you’re completing a section and have clarification questions. Each set of instructions are in .pdf format, so you’ll need an Acrobat reader to see the forms.
- Complete your eFile tax forms completely and accurately. If using software and not the Free File program, make sure and read through the finished copy before filing to ensure you haven’t missed any important details. If using Free File, complete the form in order without skipping a question so you don’t forget data. Some questions may require you to file additional forms. Download the instructions for these forms also and read carefully.
- Electronically sign your form when finished.
- eFile your tax form by pressing the SEND button. You should immediately receive a receipt in your email from the IRS, confirming your successful transmission of your tax forms to them.