What Are the Cons & Pros of Electronic Filing?
Benefits Electronic tax returns are much more convenient because you avoid having to send them in the mail. In addition, tax refunds can be directly deposited into bank accounts as little as 10 days. Disadvantages The Internal Revenue Service uses third-party software for electronic filing. These tax companies can tailor advertisements to a person’s income and try to sell them more tax products and services. Features Tax software helps make sure a person fills out his or her tax form correctly and does automatic calculations. In addition, errors on an E-File are quickly corrected. Errors on a mailed form take much longer to revise. Speculation Regarding Audits According to MSN Money Central, those who file an electronic tax return have a greater chance of receiving an IRS audit, especially for larger than normal refunds, but the IRS has yet to confirm this. Considerations Congress and the IRS hope to get as many people to file electronically as possible. It costs nothing to use an E-Fi
