As a responsible citizen of your country, it is your civic duty to pay tax. Doing so on time is also important, especially when it comes to paying your income tax. Failure to pay your tax on time may increase the amount of deferred tax, which may have a limiting effect on your spending powers. Not just that, failure to pay your income tax will most definitely reduce your credit score, reducing your chances of securing a loan when you submit applications at banks.
No one wants to be cast in a bad light especially in the banking sector, because banks will never approve a loan for a tax defaulter. To avoid bad credit, filing your income taxes should take precedence; and to avoid large tax penalty or charges, it must be completed before the tax deadline.
Gone are the days when tax filing was a headache. Technology has simplified everything. The IRS has taken advantage of the internet, and now allows taxpayers to easily file their income tax returns online. This has become popular among taxpayers as they can now file their income tax from the cosiness of their homes, after a hard day at work. What makes e-filing of income tax great is the fact that it costs nothing. Yup, every single income tax filing website comes free of charge! All you have to do is get on the platform, fill in your personal details and file your income tax in any IRS tax form that suits you.
Asides saving meaningful time and a considerable amount of money, there are many more benefits to be enjoyed when you file your returns on the internet. A few of these merits are outlined:
- Smart Application Procedure: The online tax filing procedure is an intuitive one which is modified according to a tax payer’s specific income tax circumstance. Using the online tax filing platform is stress free and easy to understand.
- Availability of Tax Calculator Tools: By using the online platform, you can make an easy estimate of tax refund that you’re entitled to. This is made possible by income tax calculator tools available for free online. Such tools, however, may first require some personal information, like name and age from you. But after the formalities have been settled, you can proceed by entering all taxable income for the year. The tool then deducts savings and non-taxable investments that you put money in, summing up your ne taxable income. But if you did not apply for any of these refunds, it will give you the option to add tax deductibles later. And whenever you add these deductibles, the tool will instantly calculate your tax refund and accurately also!
- Free Tax Software: The internet has offers so many online tax programs that allow you calculate tax deductibles and refunds for free. These free tax filing software are more detailed than income tax calculators, and will automatically calculate your tax returns with every new tax entry. We recommend TurboTax, which offers a maximum refund guarantee.
- Secure Access: Online tax filing platforms are secured by VeriSign. You can trust that your personal information is seriously protected.
- Automatic Read Forms: Many tax filing websites can read the Form 16. The Form 16 is a certificate granted by your employee after TDS (tax deducted at source) has been deducted and handed to the tax authorities. So, basically, by using online tax filing forms, you don’t have to enter every single detail.
Give online tax filing a try. It’s easy to use, smart and calculates your tax returns accurately. You’ll appreciate the experience!