2022-09-06 10:19:44 • Filed to:
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The U.S tax season has started and will be on till the 17th of April 2018. It is important that tax payers ensure that the meet up with the deadline to avoid the likely penalties that would come after the deadline. There are several methods of filing your tax returns which every tax return filer should be aware of. Two main methods of filing tax return is the e-File option and the paper filing option.
E-file method is one that is done over the internet. It does not need printing out tax forms and filling them with pen. E-file option involve the use of tax preparation software on a PC to fill out the electronic forms. It works in such a way that tax payers can always transmit their tax returns from anywhere after filling.
The paper file option involves printing out tax forms and filling them out using a pen. The difference is that paper file option is not transmitted to IRS electronically rather it is mailed to IRS.
E-filing is simply the transmission of tax return over the internet to the United States Internal Revenue Service without actually submitting any paper document. It involves using tax preparation that has already been pre-approved by the IRS to transmit tax returns. It is important to note that some of these tax preparation software could be in form of a standalone application or web application that works with the internet. A lot of tax professionals are known to use tax software built by major software vendors.
Pros: e-filing has a lot of advantages over the traditional paper filing method as seen below:
Paper filing system is the traditional type of filing tax returns before the advent of electronic filing. It is simply the filing out of tax forms offline using writing materials and sending it to the IRS using postal services.
The truth is that using the e-filing method or the paper method is strictly by choice of the tax payer. There is actually no right or wrong system. It will depend on the tax payer’s situation and how comfortable they are with any of the methods.