Every Spring, millions of Americans rush to get their tax papers ready in time for filing taxes. Filing taxes the old-fashioned way is frustrating, expensive and stressful, but with electronic tax filing, the process can be done in a breeze.
As a WAHM, you can save time and money with electronic tax filing, whether you do your taxes yourself or pay someone to do them for you. It is the quickest way to get your tax refund.
There a couple of options available to you when filing your taxes electronically.
You can prepare your taxes yourself. In this case, you may want to
invest in a special software program that will assist you in your
taxes. These are relatively inexpensive and will contain both IRS tax
filing and state information. When you are finished, the software will
complete the electronic tax filing portion for you. The submission fees
are included in the price of the software.
On the other hand, several different companies, such as H & R Block, have online services that allow you to do electronic tax filing. For a small fee, you can use their automated system to fill out your tax forms. You have to have a copy of your financial documentation, but the process itself is quite easy.
If you are confident with your own tax preparation skills, you can simply use free electronic filing (see IRS).
How it Works
Even if you do not have tax filing experience, you can easily use some of these automated systems. There are small business and self employed varieties that will address all your WAHM needs (including how to handle a 1099 and estimated taxes).
These automated tax programs basically ask you a series of questions, for which you will answer either "yes" or "no". You can itemize extensively, or you can use a simple form. A running total may be kept for you to see what you owe or what you can expect to be refunded. When you are finished, it will give you the opportunity to go ahead and "e-file" your taxes, or print out the forms for mailing. You may want to print hard copies for your records, but electronic filing will assure you that your taxes arrive on time and are not lost in the mail.
The do it yourself programs also allow you to do your taxes in the convenience of your own home; no need to make duplicate trips to the tax preparer if you have forgotten various documents.
The cost of using these systems depends on how complicated your taxes are; they will in any event cost less than hiring someone to prepare your taxes for you. However, if your taxes are pretty straightforward, you simply use free electronic filing.
Speeds Up Your Return and IRS Approval
When you file your tax online, your tax refund will be given to you in as little as 10 days. With electronic tax filing, you'll be provided with everything you need for a faster and often larger tax refund (because the programs may ask questions about qualified deductions about which you were previously unaware).
The best thing about electronic tax filing is that it's so simple to use. Once you've chosen your online tax filing software application, then you are ready to go. You can do it yourself and not worry about making simple mistakes in calculating figures. In fact, IRS even agrees that electronic tax filing is more accurate.
So if you are fed up with doing your taxes the old way, then maybe it is time to switch to electronic tax filing. There is no need to hire an accountant or someone else to do your taxes, try online tax filing instead. You don't have to deal with filling out tons of paperwork - it can all be done online.