Why not have the peace of mind others enjoy when electronically filing?
In 2009 - Almost 95 million individual income tax returns for the tax year 2008 were filed electronically - 63 million by tax professionals.
In 2008 - Over 89 million individual income tax returns for the tax year 2007 were filed electronically - 63 million by tax professionals.
In 2007 - Over 80 million individual income tax returns for the tax year 2006 were filed electronically - 57 million by tax professionals.
WHAT ARE THE KEY BENEFITS OF E-FILING?
- According to the IRS, the error rate for electronically filed returns is less than one percent, compared to 20 percent for paper returns.
- If you’re due a refund, you can expect to get it in half the time of filing a paper return — and in as little as ten days when your refund is deposited directly into your savings or checking account.
- For taxpayers who owe taxes, e-file offers the convenience of filing an early tax return and delaying payment until it’s due on April 15th.
- Peace of mind: Wineberg Solheim Howell & Shain (WSHS) receives confirmation within 48 hours of submission that the IRS received your return.
- Individual taxpayers who electronically file their tax returns see a greater accuracy rate (99 percent) than those who only prepare them electronically but then print and mail them.
- Taxpayers can electronically file their federal and state tax returns at the same time. No worrying about mailing multiple envelopes or finding different addresses.
- There is no greater chance of being audited for taxpayers who use IRS e-file.
HOW DOES E-FILING WORK?
Your tax return is prepared in the same manner as previous years. However, you will receive only one paper copy (your client copy to be retained in your files) from WSHS, along with Form 8879, IRS e-file Authorization Signature. After reviewing your client copy for accuracy you will sign and date the e-file authorization form and return it to our office in a pre-addressed envelope we supply. Upon receipt of the signed Form 8879, WSHS will submit the electronic copy of your tax return to the IRS. State tax returns are prepared and filed in this same way. Several states also accept the federal Form 8879 as their authorization form in lieu of a separate state form.
HOW DO I SIGN MY E-FILE RETURN?
Form 8879 provides the most convenient way for you to “sign” your electronic return using a self-selected PIN (personal identification number). With a PIN, there is no paper signature document to send to the IRS. You do not need to register the PIN with the IRS, nor do you need to contact the IRS to get it. The PIN is a 5-digit number you select. It can be any five digits, except all zeroes.
Do both taxpayers filing a joint return need a PIN?
Yes, each taxpayer must sign using a PIN. The taxpayers will choose any five digits, except all zeros, as their electronic signatures.
NOTE: The Date of Birth is required as part of the e-file authentication process for the taxpayer/spouse. Along with the last name, it will be matched against the Social Security Administration (SSA) Records.
WHAT IF I OWE MONEY?
You may file electronically as soon as you are ready, and hold off on paying your bill until April 15th. Your balance can be paid by check, along with IRS payment voucher Form 1040-V, or by direct debit from your checking account (include your bank routing information and account number on Form 1040 when you file electronically). You may also pay by credit card. If you choose the credit card option, be aware you may be charged a convenience fee. To avoid late payment penalties, transmit your payment by April 15th, using your preferred method.
HOW QUICKLY CAN I GET MY REFUND?
According to the IRS, e-file is the fastest way to get your refund. When you file electronically, you can expect your refund in as little as 7 to 10 days if you choose direct deposit. Almost 73 million refunds were deposited via electronic direct deposit. Direct deposit is a fast, simple, and secure way to have your Federal and State(s) income tax refund(s) deposited automatically into your checking or savings account. You may also check the status of your refund at the IRS web site (http://www.irs.gov/) by clicking on the Where's My Refund link.
HOW WILL I KNOW THAT THE IRS HAS RECEIVED MY RETURN?
Within two business days, WSHS should receive an electronic acknowledgement that the IRS has received and accepted your return for processing. If the IRS finds an error on your return, it notifies WSHS to correct and resubmit the return. If you provided an email address on your tax organizer you will receive an email from WSHS (info@wshscpa.com), NOT the IRS, acknowledging e-file acceptance of your tax return by the IRS.
Beware of suspicious email from the "IRS". The IRS does not send out unsolicited e-mails asking for personal information. An electronic mailbox has been established for you to report suspicious e-mails claiming to have been sent by the IRS. (http://www.irs.gov/newsroom/article/0,,id=155682,00.html).
IS THERE A FEE FOR IRS E-FILE?
The IRS does not charge a fee for electronic filing. Some authorized IRS e-file providers may charge a fee for transmission, however, WSHS does not.
WHAT ABOUT STATE TAXES?
Currently, 42 states and the District of Columbia participate in the IRS e-file program. If your state return(s) qualifies for electronic filing, it/they can be electronically filed at the same time as your federal return.
WHERE CAN I GET ADDITIONAL INFORMATION?
Call our office, 312-372–0440, to speak with an accountant or visit the IRS web site (http://www.irs.gov/efile).
