Advantages of E-filing Taxes Online

• Accuracy:  Online tax software products will help you catch errors on your tax return before you send it to the IRS. You will also receive easy, step-by-step guidance throughout the filing process.  Most tax software companies guarantee accurate calculations and will reimburse you if you are fined by the IRS for any tax reporting errors.
• Quicker Refunds: Because your tax return is being sent electronically, you won't have to wait in line at the post office or wait for your return to be sent to you. If you have your bank account information, you can select direct deposit, which transfers funds into your bank account in about half the time it takes to wait for a mailed return.
• Payment Options:  Most tax software products offer a selection of tax payment options.  If you owe money to the IRS, e-filing allows you to file your return early and set up automatic online payment to the IRS on or before April 15th.  If you owe state taxes, you can choose to deduct them from your federal return. You can also choose to deduct the cost of your tax software product from your federal return.

How to E-file Your Tax Returns

1.    Complete your Federal return, using online tax software.
2.    Complete your State return, using online tax software.
3.    Have the following information ready:

• Your bank routing and account numbers
• Your e-file PIN from last year (if you e-filed last year)
• Your Adjusted Gross Income (AGI) from last year's tax return
• Your credit card, if you have chosen to pay for your tax software or owed taxes with a credit card, instead of deducting funds from your return.

4.    E-file your return for free! (All tax software companies allow you to e-file your federal return for free).

Important E-filing Dates for 2012

January 4: First day to e-file your tax return.
January 17: First IRS acknowledgement of e-filed returns.
January 20: Your tax return status is accessible, if you e-filed on January 17th.
April 17: Last day to e-file tax returns on time.  Last day to e-file extension requests.
April 21: Last day to resend rejected returns and extensions e-filed on time.
June 15: Last day to e-file extension requests for overseas taxpayers.
October 15: Last day to e-file tax returns that received a 6-month extension.
October 19: Last day to resend rejected late or extended returns.