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E-Filing Tax Tips

Have you waited until the very last minute to file your taxes? Well, the time for procrastination is over! It is now or never and you can speed up the process by filing your taxes electronically.

Tax professionals are godsends—they help us sort through our financial mess and find overlooked tax deductions. However, today more and more taxpayers are trying their hand at filing their own taxes. A few years ago the Internal Revenue Service reported that over 27 million people e-file their own taxes.

If you still need to file your taxes, e-filing is the way to go. There are numerous programs and software providers that can help you with your last-minute tax preparation.

Listed below are just a few examples of e-filing your taxes.

  1. The TaxAct program. TaxAct is a user-friendly program with a helpful app. With the software packages, you can get all the support you need (via email and phone calls), and the program will keep track of your records for seven years. The program has three packages: free, plus, and premium. The free version is only for Form 1040A or 1040EZ tax filings. The plus version is great for itemizers, homeowners, and investors. The premium version is useful for self-employed, freelancers, and contractors.
  1. The eSmart Tax program. This tax program is backed by Liberty Tax Service, a tax preparation franchise. eSmart offers customer support (via live chats) and free audit assistance. eSmart Tax has four packages: free, basic, deluxe, and premium. The free is great for simple returns, and the basic package works best for families. If you are a business owner or an investor, the deluxe and premium packages would work best for you.
  1. The IRS Free File program. Nowadays you can go straight to the source and file your own takes with the IRS e-filing program. The program includes about a dozen free tax-prep options such as TurboTax All Free and H&R Block’s Free File. The best part, of course, is that it is free. Unfortunately, there are some stipulations to remember. You have to make under $64,000 and under a certain age (70) to qualify for one of these programs. Find more information here.

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