A Myriad of Tax Filing Options

Requirements for filing taxes are fairly simple and now, with the help of electronic filing, your options on how to file are even more varied. Filing your Federal Income taxes is a necessary evil, but it need not be too complicated for you. Keep in mind that whether you file your taxes by hand or have them prepared by a service, they will need to be postmarked or received by the IRS no later than April fifteenth. If for some reason you are unable to file by this date, you will need to file an extension with the IRS.

The tried and true method of filing your taxes is to fill out the forms by hand and mail them to the IRS. If you are comfortable with your tax situation and have plenty of time to get your return postmarked, then this option may be for you. It can take six weeks or longer, depending on when the IRS accepts your return, for you to get your refund back by mail, possibly a shorter time frame if you have your funds direct deposited. With this method comes one major drawback. Someone on the IRS end will have to enter the return into the IRS computers. You must write clearly and legibly and anytime that someone is doing data entry there is the risk of error.

The IRS also has the Telefile system. Telefile allows you to file your simple return over the telephone. This can dramatically shorten the time frame in which the IRS accepts your return. IRS acceptance of a Telefile return can be within a few days. This will also decrease the amount of time it may take to receive a refund. The down side to this type of filing is that you can not use this system if you incur certain tax situations, for example, if you have self-employment income.

Electronic filing can be done now and is becoming more available every year. Most tax services, accountants, and even some tax software will allow you to electronically file your taxes. The IRS website even has free electronic filing for very simple returns. Some tax filing services also have online filing at their websites. You will have to research what types of forms and payment requirements are available for different services.

Your accountant can usually file your taxes for you as well. This is a great option if you work closely with your accountant and he or she has updated tax knowledge. Keep in mind that tax law changes somewhat every year and who ever you have prepare your taxes for you should be knowledgeable of these changes and qualified to file them for you. Even if you have your accountant or a tax service prepare your taxes, you are still responsible for what is on that return. Always review your return before it is submitted to the IRS.

There are dozens of tax services that will prepare and file your taxes for you. These services usually will have the most updated information and qualified tax professionals. Do your homework and do not count solely on advertising when choosing a tax service. One of the benefits to using a tax service is that you will usually have the opportunity to sit with a tax professional and ask questions during the preparation of your return. Stay away from any service or preparer that does not allow you to ask honest and straightforward questions.

No matter how you file your taxes, make sure that you do indeed file them. If you do not file your taxes, and you are required to do so, you may be charged with tax evasion. If you have questions regarding your requirements for filing taxes, contact a tax professional or the IRS.

 

 

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