4 Benefits of E-Filing – Including a Faster Refund

by Tracey Hrica, EA Feb 11, 2020 | Share

Filing your federal income taxes with a traditional paper return may still be possible. But it’s old school, not to mention time consuming, and you’ll be waiting for weeks to get your refund. E-filing is faster and more accurate, and it can provide much quicker access to your tax refund money than filing a paper return.

There are four key benefits to E-filing your return.

  1. Confirmation: The IRS will confirm a tax filing has been received within 24 hours of electronic submission. For paper filers, the IRS doesn’t send any acknowledgment that your forms have arrived safely.
  2. Accuracy: The IRS doesn’t have to re-enter your information into its system which results in fewer data-entry errors. Also, according to the IRS, there’s around a 1% error rate on e-filed returns, compared with a 20% rate of mistakes on paper filings.
  3. Speed: You’ll likely receive your refund faster if you e-file your return rather than mailing it. Paper returns have a lower priority than e-filed returns, and it could take the IRS six weeks or more to get to it. Electronic returns are typically processed in 24 to 48 hours, and if there’s a problem you know in days, not weeks. With e-filing, you could get your money in three weeks or less. Choosing direct deposit can also speed up the refund process.
  4. Easy payment process:  If you owe the IRS, you can ask the IRS to electronically withdraw the money you owe directly from your bank account. You can decide when the IRS withdraws the money – you can submit returns early and pay later if necessary, as long as you pay by the April 15 filing deadline.

Bottom line

For most taxpayers, it makes sense to e-file a return because it’s the most convenient way to submit your tax information to the IRS and it allows for timely refunds and easy payment options.

About the Author

Tracey Hrica, EA

Tracey Hrica joined the firm in 1995. She is an Enrolled Agent(EA), which enables her to prepare personal and business tax returns and represent clients before the IRS. Working closely with her clients, Tracey’s primary areas of concentration are new client set up and QuickBooks support. As a QuickBooks ProAdvisor, she works closely with clients who rely on QuickBooks for the day to day running of their business. Tracey has expertise in both QuickBooks Desktop and QuickBooks Online.

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