Will E-File Income Tax Submission for 2010 help?
By: Jonathan Medows, CPA | Posted: 09th December 2009
The IRS is always working to help improve the way taxes are filed and submitted. More and more people are choosing E-file to submit their taxes to the IRS. After an overwhelming response to E-filing in 2008 the IRS decided to improve this method of filing for 2009. Most of the accountant and CPA in New York and other cities have found it an easier way of filing taxes as it saves time.
The IRS recognizes the fact that people filing their income taxes use E-file programs to speed up the process and get their money even quicker then they are used to. In the past people had to wait six to eight weeks to get their money back if the IRS owed them any. Today you can get your money back as quickly as twenty four hours after filing your returns. There are some new improvements that are made to help everyone E-file for 2009.
Refunds will be issued more quickly with the new E-file system for 2009. This means that you will get your refund shortly after filing.
Taxpayers who file E-file will receive their E-file for free. It is recommended that if you want your money quicker then you need to E-file and use direct deposit so you can receive your cash in as little as a few days. That is because when you E-file and then choose direct deposit you save any paperwork that may normally be done when you file the traditional way. So the IRS does not need to issue you a check they can simply deposit the money into your account and it is done.
More taxpayers in most states including New York are qualifying for the free tax preparation offered online by using Free File or IRS.gov and this can save money. If you are not aware that this program even exists then log on to find out more about it. A lot of people are unaware of these services and tax preparation can be very expensive. Of course you need to be comfortable with filing your own paperwork and tax forms and you should need little to no assistance in filing.
The new E-file system will allow those who file tax NYC electronically to pay back what they owe to the government at a later date. So if you file your returns and find out that you do owe the state or the federal then you can arrange to pay back the money as you can.
If you use a tax preparation software to file your taxes in Manhattan , the E-file system will recognize the software. If you don't have the software and would like to get it you can download the software online. The software will have all the forms necessary to file plus it will have step-by-step instructions on how to file correctly. When you choose to E-file your returns the IRS will not charge the taxpayers to do that.
Of course, nothing is fool proof and the best way to be sure is to go over your returns and then go over them again to verify that the information that you entered is correct and then you will be ready to submit the appropriate forms. You can also hire the services of a taxes CPA to tide you over the difficulties. In 2009 the new changes to the E-file system does seem easier to handle and may be very beneficial to taxpayers who are getting ready for tax time.
Jonathan Medows, CPA, MBA is the Managing Member of MEDOWS CPA, PLLC, a boutique New York CPA firm serving the needs of individuals, freelancers, self employed individuals & small businesses. To see how he can help you reduce your tax liability and keep you in tax compliance please visit his website:
Medowscpa.com
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