Are you one who has never filed a tax return online? If not, there is a possibility that you are missing out. On the other hand, you could be doing yourself a favor. Almost everything involves pluses and minuses. By reading this article, you will learn the pros and cons of filing taxes electronically. Below is a list of the pros:
You will save money in regard to delivery and stationery costs. By not doing your return on paper, you will not have to pay for postage or envelopes in order to submit your form.
You are likely to not miss out on something special such as the EITC, or Earned Income Tax Credit. When I used to use a 1040 EZ form, I had trouble determining my eligibility for this program. Once I started using an online system, I stopped missing out on getting the credit.
A web site that helps you do your taxes such as Tax Act Online is likely to steer you through the process well. As it processes your information, it calculates your figures for you and lets you know what you owe or are entitled to as it guides you along. I owe gratitude to Tax Act for helping me get the EITC.
You are likely to save time. It is usually much quicker to go through this process online than it is to use the paper and pencil method.
We have discussed the pros of filing electronically. Below is a list of the cons:
You need to have access to a computer. Not everyone can use one whenever they feel like it.
You have to have a bank account, especially if you want to get your refund electronically. Some people cannot afford to make a deposit of twenty-five to one hundred dollars in order to open an account.
There is a possibility of being a victim of identity theft. It is essential to make sure that the web site you are using is secure.
It takes time to do research. It might take you a while to find the right web site.
It may be harder to fix your errors. Some sites might not allow you to go back and change your responses easily.
You might suffer a malfunction. Computers crash sometimes.
It might not be a good fit for you. Some people might have to use a form that is best done by paper.
Carefully consider all of the information you have learned in order to make the right decision in regard to whether you should file your taxes electronically!