With 2012 income tax season on us, many of us are looking for ways to cut the cost of submitting a Income Tax Return and get a tax refund more quickly; opting to Efile does this for you. Your swiftest response once you have filed your income tax return comes from filing that return. This is because the tax form doesn’t have to go into a large pile and wait to be captured – it has already been captured as correctly into the system as you can.
It may seem challenging at first, especially if you’ve been using a consultant. But so long as you are structured and keep your focus, you should be able to manage perfectly well on your own. You should have your previous return handy so that you can use it as a guide, Anyhow.
But remember to do approximations and revise them for the duration of the year as important financial events come about in your life. Keep a folder with all your current tax documentation and have a list in which you can tick off documents as they are received and checked for accuracy. Make a note of differences from your earlier tax return which should be incorporated in your new one.
By making use of free online tax estimation software regularly to keep up-to-date with your tax position, your latest approximation would be a good template for your last tax return. All you would need to do is to substitute the actual figures for the appraisals (you could do this on the estimating software and print the ensuing return out for reference). Compare this with the last return you submitted, and you’re ready to efile.
Even if you don’t qualify for free use of a Free File plan because your AGI (Adjusted Gross Income) for 2011 is over $57,000, you would be well equipped to use Free File Fillable Form software which is available at no charge to all to use to submit their documents to the IRS e-file system.
As far as state taxes go, remember that there are World wide web sites such as Free1040taxreturn.com which will let you file your state tax return for a minimum charge of beneath $10, irrespective of your adjusted gross income. This is not a charge which would be troubled many people today.
The IRS is on your side in this: They want you to file thru the Web as it helps them keep their collection expenses low and means they don’t have to employ so many additional workers just to cope with the peak filing season. So they encourage the use of this option by making sure that it is available free of charge to most citizens.
Do remember if you have a problem being able to submit a return that you must ask for an extension before the due date for tax return and your payment is still due on time – the extension doesn’t apply to the payment, only the tax return. You should have an accurate estimation available to make a payment, as you should just be waiting for final documentation at this stage. Remember if you don’t submit a income tax return at all, the penalties are much higher than if you are just late with your payment, having filed your income tax return or asked for an extension in time.
Like so many things in life, submitting a tax return also turns into much more straightforward if you stay on top of it. With the option of becoming able to do free online income tax return estimates and Efile a return, no one should have any explanation to miss the deadline.