How To File A Tax Return Online
Learn how to file a tax return online both easily and quickly. Many taxpayers are forgoing the traditional trip to the CPA and choosing instead to file a tax return online. There are many choices for individual taxpayers to choose from. Depending on your income, there are free options also. Filing a tax return online has never been easier.
- Income Levels. The IRS has a free E-File system for those who qualify. The income levels change yearly and those who qualify can file in the comfort of their own home. For those who are not low income and still want to file online, many large companies offer an array of tax return software packages.
- E-File. Once you have qualified to do a free E-File from the IRS, the process is fairly simple. You simply choose a provider and the rest is just simply filling in the basics. The software will guide you step by step: name and address, Social Security number, number of dependents, income and deductions. After filling in the basic information, a due tax or tax refund will be shown and the form is ready to file. Tax refunds should be received within ten days. The IRS E-file can be used from January 15th to October 15th. To find companies handling this type of online E-File or to get more information on E-File go to their website: http://www.irs.gov/efile.
- Tax Software Companies. There are hundreds of software companies vying for your business, and many offer specials. The new “freebie” being given away is try before you buy. In other words, companies are offering the lowest tax refund ever or you do not have to pay for their service. This added incentive is a real good way to see if the fee being charged is worth the price. Many times paying for a service has turned out to be a better deal than a free “quickie” deal. The software giants will guide you step by step with the basics and highlight any deduction that you have forgotten. The company will give you the choice of filing the taxes on your own or to have guided help electronically of course. If, at the end of the tax preparation, you are happy with the figure owed or being refunded, you can agree to pay for the fee.
- Income Tax Loans. After the filing of your taxes, you will be given a choice to receive a tax refund loan. The interest rate is between 250 to 2000% and most loans are averaging around 265%. Most taxpayers are unaware of the very high fees because the fees are based on APR and the loan is usually only for ten to twenty days. Before considering a loan, read all the small print.
- Where to Mail Your Tax Return. If you do not E-File your return and you are located outside the US, you can mail your tax return to: Department of the Treasury, Internal Revenue Service, Austin, TX 73301-0215, USA.
If residing in the US, you can go to the IRS state locator and find the address for your particular state. The website address can be found below.