E-File

Thanks for sharing this!

To e-file or not to e-file, that is the question. With the September 17 federal corporate tax filing deadline fast approaching, you may be trying to come up with the answer.

For large or midsize corporations, defined as those with assets over $10 million who file more than 250 returns, the decision is easy: Electronic filing of federal business tax returns is mandatory. Smaller companies, as well as partnerships and other unincorporated businesses, can choose between electronic filing and traditional paper returns.

If you fit in the latter category and you’re still on the fence, here’s an overview of some benefits of e-filing.

Convenience. Say goodbye to the postman, the post office and an extra charge for certified mail. You’ll be sending your return to the IRS right from your computer. Many states also accept e-filed business tax returns. A notice that your forms have arrived will reach you within two days.

Easier error correction. Generally, common mistakes will generate an error report before your e-filed return is accepted. You can make the correction and re-submit, eliminating future notices for that error.

Faster refunds. If you’re due a refund, electronic filing with direct deposit can speed your money to you in less than two weeks. Snail mail refunds can take four to six weeks.

As you make your decision, be aware that e-filing may not be available in some situations. For instance, certain forms can’t be filed electronically.

In addition, e-filing doesn’t completely eliminate the need for paper. You’ll want to retain a printed copy of your return in case of computer problems or incompatible software updates.

You might also like these posts

Article – Preparing for Hurricane Season Image source: By Nilfanion , via Wikimedia Commons. The map shows the tracks of all tropical cyclones which formed worldwide from 1985 to 2005.The Atlantic hurricane season begins June 1. While the 2014 season is expected to be a mild one, mild doesn’t mean storm-free. Getting ready early is a good idea—and early preparati...
Article — Locked Out Image source: UK, public domain, via Wikimedia Commons What’s on your computer? Your manuscripts? Work? Photos? What would you do if you were denied access to those files—if you were locked out by rogue hackers? If you’re shaking your head because you think nothing on your computer is of value to hackers, consider th...
Article — Tax Identity Theft Awareness Week Image source: ftc.gov Taxes are scary enough, without adding tax identity theft to the mix. The costs—$3.6 billion a year according to an estimate by the US Treasury Inspector General for Tax Administration—are scary, too. Unfortunately, both tax ID theft and the costs are on the rise. The US Federal Trade Commission...
Article — Your 2013 Federal Income Tax Return Image source: IRS.gov Whether you’re a part- or full-time freelancer, receiving income means filing a tax return. Here are three things to keep in mind as you look back at your 2013 business activity. Dates: The IRS will begin accepting 2013 business returns on Monday, January 13, 2014. For individual returns, the da...

We write. Visit us in Carpenter Country, a magical place that, like our stories, is unreal but not untrue.

Posted in Articles Tagged with: ,