Electronic filing refers to filing taxes through the internet, rather than filling out paper forms and sending them through the mail or submitting them to an accountant. The government tax entity in each country approves certain software for this purpose. This benefits both the taxpayer and the government in ways that include:
- Electronic filings often are less prone to errors because the software catches many of them—and because a worker doesn’t have to key in your information from a paper tax return to a computer at the tax authority office.
- Tax returns are transmitted and received instantaneously.
- You may receive a tax refund within a few weeks if sent by check, or even sooner if it’s direct deposited. In contrast, paper returns may take one or two months to yield a refund.
How to Pay Taxes When Filing Electronically
If you owe taxes on your tax return, there are several ways to pay. First, you could use an electronic funds withdrawal, which is often offered for federal taxes through tax professionals or tax software.
In the US, IRS Direct Pay is available to individuals to send yearly or quarterly tax payments from a bank account. Individuals receive immediate verification after a payment is received. Similarly, the EFTPS is a US system that businesses and individuals can enroll in to make electronic tax payments. The IRS also provides payment services on the IRS2Go mobile app.
Similar to vendors, the IRS can take credit and debit card payments over the phone or online, whether you e-file or send a paper return. The IRS may also accept same-day wire transfers if an individual’s financial institution provides this service.
Tax Help MD Can Help You File Your Taxes Electronically
Do you have any questions about electronic tax filing? Contact us for answers. Your e-filed taxes must be completed correctly, by a professional, if needed. Any mistakes can lead to a rejection and delays.
The Tax Doctor can also assist you with the process of getting out of tax debt. Make an appointment for a free consultation now to get your tax questions answered and to explore our services.