The IRS reported today that the biggest percentage ever of tax returns were e-filed this year. Over 101 million tax returns were e-filed up to Monday morning, which represents over an 8% increase since last year. This number will be higher as many individuals and businesses have yet to e-file today. The IRS states that in 2010, 98.7 million returns were e-filed.
As technology gets better and better, the number of taxpayers e-filing their tax returns should continue to grow. e-filing not only makes things much easier for individuals and businesses, but it makes things easier for the IRS.
Here are a few benefits of e-filing your tax return today if you have not already:
- It allows taxpayers to get refunds much faster than if they had paper filed their returns
- If there is a mistake, the IRS can quickly let you know (within 48 hours) in most cases
- Normally, within 48 hours, the IRS will send you a confirmation email that they received your tax return
Whether you are using a tax software program like TurboTax or a tax accountant, e-filing your tax return when possible is never a bad idea.