Friday, December 16, 2011

Online Taxes: More Information About Filing Your Taxes Electronically

Many people have already taken advantage of online tax filing. Over 98.5 million income tax returns were filed electronically in 2010. If you haven't tried it yet, however, you may have several questions: “How do I file online?”, “What tax forms are supported?”, and “What about my adjustments?” These are all valid concerns, and this article will answer those and hopefully give you the peace of mind to try filing your taxes online today with a company like Online Tax Pros.

As with anything online, you have to first create an account and provide the requested information to complete said account. Upon completion of all the questions regarding yourself, your spouse and your dependents if applicable. Next, you'll need to fill out the appropriate forms in the income, adjustments and credit sections of your Federal information. When your bank information is entered, you have finalized your Federal return and are ready to print your return. Choose your payment option from the shopping cart then you only need to submit your return to have it sent to the Internal Revenue Service. The great news with online tax filing is within 24-48 hours you can check the status of your filing in real time. This all, however, doesn't have to be done all at once. You can come back at any time by entering your user name and password to log back in to your account you created.

The majority of tax forms are supported by online tax software like Online Tax Pros. Included are a standard 1040(ez and a filers) schedule A, B, C, D, E, EIC, F, L, M, R, and SE.
They also support these forms:
982-Reduction of Tax Attributes Due to Discharge of Indebtedness
1310- Statement of Person Claiming Refund Due a Deceased Taxpayer
2106- Employee Business Expenses
2441- Child and Dependent Care Credit
3800- General Business Credit
3903- Moving Expenses
4137- Social Security and Medicare Tax on Unreported Tip Income
4562- Depreciation and Amortization
4684-Casualties and Thefts
4868- Application for Automatic Extension of Time to File
5329- Additional Taxes on Qualified Plans
5405- First-Time Homebuyer Credit
5695- Residential Energy Credit
6251- Alternative Minimum Tax
8283- Noncash Charitable Contribution
8606- Nondeductible IRAs
8812- Additional Child Tax Credit
8829- Expenses for Business Use of Your Home
8862- Information to Claim Earned Income Credit after Disallowance
8863- Eduction Credits
8880- Credit for Qualified Retirement Savings Contributions
8888- Direct Deposit of Refund to More Than One Account
8889- Health Savings Accounts(HSAs)
8917- Tuition and Fees Deductions
8941- Credit for Small Employer Health Insurance Premiums

They also support these types of income(but are not limited to):
W-2(and G), 1099 B, C, DIV, G, INT, MISC, OID, PATR, R, SSA1099, RRB 1099, unreported tips, Schedule B- Interest and Ordinary Dividends, Schedule C-Business income/loss, Schedule D-Capital Gains and Losses, Schedule E-Supplemental income/loss, and Schedule F-Farm income/loss.

As far as adjustments go, these are supported by online tax programs like Online Tax Pros:
Educator expenses
Certain business expenses of reservists
performing artists
and free-basis government officials
expenses for moving
Health Savings Accounts
Self-employment tax deductions
Self-employed, SEP, SIMPLE, and qualified plans
Self-employed health insurance deductions
Penalty on early withdrawal of savings deduction
Alimony paid
IRA deductions
Student loan interest deductions
Tuition and fees deduction

Hopefully this will give you insight on how easy and effective it is to file your taxes online. The popularity is rising for a reason, and you should take advantage of the benefits this tax season. Always use an authorized I.R.S. E-File tax software like Online Tax Pros. We look forward to seeing you save and get a great return this year.

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