Filing paper returns has become a thing of the past. Almost 70% of American taxpayers file their income tax returns online each year, and this number is growing. Most people choose to file returns online due to the fact that it is a much more convenient way compared to the traditional paper return method. We often forget to choose electronic tax filing and it saves us a lot of money, too. Let’s take a closer look at how we can save while choosing to e-file our taxes.

Your savings start from when you get your income tax forms and know the latest provisions applicable in the current tax year. Previously, one used to buy these forms at local stationery stores or would have to spend on trips to the nearest IRS center to get their copy of the latest income tax provisions and applicable forms. Now you can do the same just sitting at your office or home. The Internet provides you with a lot of information at no additional cost. You can get the most up-to-date information on applying provisions in the current year along with various forms required to file your tax returns. Guess what, you don’t even need to spend to make hard copies of these forms as they can be completed online and sent to the IRS.

In the traditional method, you were asked to prepare your tax return package and visit the post office to send it to the IRS. Now you can completely do without that old exercise and save time and money to visit the post office. You also have additional time to submit your return, as you can submit your return 24×7 until midnight of the last date, which is typically April 15 of each year.

While filing your returns online, you can choose to obtain the help of computer software that is also available at no cost to certain categories of taxpayers. You can even save on the cost of hiring a CPA to prepare your tax returns.

In the traditional method, it would take a few months for you to receive your tax refund check. In the meantime, in case you have moved, these checks will be returned to the IRS and you will have to go through a procedure to get them back, which again will cost you something. Compared to the latest online system, your refunds can be processed very quickly and can be electronically deposited into your bank account within 8-10 days after your tax return has been processed.

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