E-file basics

Electronic filing is the process of submitting Tax Returns to IRS through the Internet. E-file of heavy highway vehicle use tax return is mandatory for returns reporting 25 or more vehicles that the taxpayer files for the scheduled period.

E-filing requirements

Employer Identification Number (EIN) is required during e-filing. It is the nine-digit number that is assigned by the IRS. This EIN is used by IRS to identify taxpayers who need to file various business tax returns. Only one EIN is required for the same business entity.

Potential benefits of e-filing

E-filing features a lot of benefits for the tax payers. Some of the prominent benefits of e-filing are listed below:

• Error elimination: E-filing enables you to eliminate errors like Mathematical errors, Data or forms omission, Carriage of numbers to wrong lines.

• Quicker: E-filing with electronic deposit involves only two weeks for refund delivery.

• Long term benefits: E-filing enables your data to be carried forward automatically for future returns.

• Acknowledgement: With e-filing you receive an instant electronic receipt to acknowledge the filing process.

• Accessibility: E-filing could be carried out at any time. It is available for 24*7 usages. Thus you can file your tax anywhere and anytime.

• Easy Data Handling: With E-filing your data is handled by the system. Thus your data is safe and retrievable at any point of time.

• Instant Error rectification: With e-filing, the errors with your filing is intimated immediately. Thus you can rectify them then and there and resubmit instantly.

• Precision: E-filing provides completely automated services. Thus there is data accuracy and precision. So there is no need for complex procedures from the user end.

• Eco-friendly: By means of e-filing you are contributing to reduction of global warming and thus become environment friendly.

• IRS recommended: Above all reasons it is important to note that IRS recommends e-filing.

Thus you can see by yourself that e-file helps in efficient data management and also in eco-friendliness. It is always important to act with foresight to avoid hassles in future. We suggest taxpayers to evaluate the above benefits and use e-filing for their tax returns. Let’s build a healthier and eco-friendly environment for our next generation by saving paper, reducing tree cutting, and adapting to e-filing.

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