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TheStreet Open House

5 Big Benefits to E-Filing Your Taxes

By Chris Bibey

NEW YORK ( IRS.com) -- There are many benefits to filing your taxes online.

Once you are familiar with the advantages of electronic filing, there is a good chance you will put down the pen forever. Here are some of the biggest advantages of electronic filing:

Tracking and organizing your records

When you file your taxes online, you are creating a permanent electronic record for use in the future. If a question comes up about your tax return, you will not have to dig through filing cabinets or giant stacks of paper. Instead, you can pull up your information on your computer and get to work right away.

FREE: eFile your taxes online

Better returns

While you may have to pay a fee to file your taxes electronically, in the end you could very well make this money back (plus more). Most people find that filing their taxes online gives them the chance to take advantage of more tax credits and tax deductions. Many tax preparation programs will help you file your return and tell you about potential tax benefits. In turn, you may get a larger tax refund or end up owing less money.

More accuracy

It should go without saying, but you need to make sure that your tax return is 100% accurate. When you file online this is often much easier to do. Online filing takes much of the guesswork out of the tax return process ― many programs even do the calculations for you. You won't have to worry about which tax forms you need or what step to take next, because your tax software will show you the way. Believe it or not, some programs even have audit protection tools built into them. With this type of tool, mistakes are found before you submit your tax return electronically to the IRS. Not only does this mean a more accurate tax return; it translates into a lesser chance of being audited.

Faster to file The last thing most people want to do is spend days and weeks sifting through papers to file their return. When you opt to file your taxes online, that will speed up the process, which will save you a lot of time and frustration.

Faster refund Are you owed a tax refund from the IRS? If so, filing your taxes online ensures you will get your money as soon as possible. With an online tax filing program, using the "Direct Deposit" option allows you to get your refund in two weeks or less (in most cases). Your tax refund will be deposited in your bank account so you can use that money immediately. There are many advantages to filing taxes online. With all of these benefits in mind, it is hard to imagine that anybody would want to file using paper tax forms.

Click HERE to file your taxes online now!

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