Check Benefits of Online IRS Taxation
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You Want To Know?Benefits ofE Filing?
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The most convenient and efficient way to file your tax return is to file it electronically. You may still mail your return, but it will most likely take longer to process and you'll have to wait longer for any tax refund you're due. Here are some of the benefits of e-filing:
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IRS studies show that e-filing your taxes greatly reduce errors on returns: the error rate of e-filed returns is 1%, versus 20% for paper returns.
ACCURACY
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privacy and security are guaranteed. You can choose a five-digit PIN as your electronic signature, and the IRS keeps your information private.
SECURITY
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within 48 hours, the IRS will send you an electronic acknowledgment that it accepted your return. If it did not accept your return, the IRS will send you a rejection notice that will show the errors it found on your return.
PROOF OF ACCEPTANCE
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receive your refund faster than with a paper return
FAST REFUNDS
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To e-file your return, it must be prepared using tax preparation software. You can choose to have your return prepared by a tax professional or you can use one of the many tax preparation programs that are available to do-it-yourselfer
HOW TO E-FILE
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Tax deductions are expenses that reduce the amount of income subject to tax. There are two types of deductions most taxpayers will qualify for: Standard Itemized
GET FULL INFORMATION OF TAX DEDUCTIONS
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A tax credit reduces the amount of tax for which you are liable. Unlike a deduction, which reduces the amount of income subject to tax, a tax credit directly reduces your tax liability. A tax credit is usually more valuable than a tax deduction of the same dollar amount. There are two categories of tax credits, refundable and nonrefundable.
GET INFORMATION ABOUT TAX CREDITS
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Nonrefundable Tax Credits
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Most, but not all, tax credits are referred to as nonrefundable credits. A nonrefundable credit can reduce your tax liability to zero (0), but not below. You must have tax liability on line 46 of Form 1040, line 18 of Form 1040A, or line 43 of Form 1040NR to claim a nonrefundable tax credit.
NONREFUNDABLE TAX CREDITS
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Child and Dependent Care Credit Education credits
Credit for the Elderly or Disabled Child Tax Credit
Foreign Income Tax Credit Residential Energy Credits
Retirement Savings Contribution Credit
First-Time Homebuyer Credit
NONREFUNDABLE TAX CREDITS INCLUDE:
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Refundable Tax Credits
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A refundable tax credit is a tax credit that can reduce your tax liability below zero (0). Because it is possible to receive a tax refund from this type of credit, they're referred to as refundable. The easiest way to get your tax refund is to do your taxes online.
REFUNDABLE TAX CREDITS
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Earned Income Credit Adoption Credit Excess Social Security Credit Additional Child Tax Credit Health Coverage Tax Credit American Opportunity Credit - partly refundable
REFUNDABLE TAX CREDITS INCLUDE:
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Income, State, Federal, IRS, Sales, Withholding, Business Tax Calculator
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