The IRS has officially announced that taxpayers can expedite their tax refunds by completing a specific form. This change aims to streamline the refund process, allowing eligible individuals to receive their refunds faster than before, particularly when using e-filing and direct deposit options.
Why Does The IRS Encourage Online Filing And Tax Refunds?
There are many reasons to choose to file taxes online; here are some of them:
- It is an easy process. When you do it by hand, you have to know what to look for and what applies to you, but, online, the tax software guides you through the filing process, asking questions to help you file a complete and accurate tax return and claim any credits and deductions for which you qualify. It is a lot easier than filing a paper tax return by mail, and as long as you understand your situation, you can do it without help from a tax preparer.
- It is free if your income falls within the qualifying thresholds through the IRS Free File program. Nevertheless, there are options for those who make more than the threshold, and there are other programs that you can use within the IRS network. One of the options if you make more than the income limit is to use Free File fillable forms. Many taxpayers may also qualify to have their taxes prepared and filed electronically for free through the IRS Volunteer Programs, which would help those who have more complicated returns to file ensure that no mistakes are made, but spots can fill out quickly, so be sure to explore this option fast of that is something you would be interested in.
- It is a convenient way to file as you can e-file from your home mobile device or ask your tax preparer to e-file your tax return. The one thing you should be cautious about is using unknown and unsecured devices, but as long as you have your IP PIN and delete all your personal data from an unknown browser you should be fine.
- It is a safe method. Long gone are the days when government websites were easily hackable; today, the IRS uses modern encryption technology to protect you from identity theft, like the aforementioned IP PIN and other security measures that ensure that your data is protected.
- A big part for those who already know they will be getting a big payday, by filing electronically and choosing direct deposit, you’ll get your refund faster, usually in less than 21 days, which is much faster than waiting for a paper check
- You can make an electronic payment when you file electronically. If you owe taxes, you can electronically file early and schedule an automatic payment from your bank account on any day up to and including the filing deadline. You can also schedule an electronic payment using the IRS. Direct Pay. This will ensure that there are enough funds in your accounts to cover the expense, and you will not be penalized for writing checks you cannot pay by your bank.
