Congrats on learning about taxes! Your final quest is to expand on your new found knowledge and apply it to your world. Since we are in the age of "online technology" it is appropriate that you know and understand e-filing. From the class site you have explored and studied the ropes of what e-filing is and how it works. Please post your findings below according to the assignment found in your agenda. Assignment is worth 15 points.
E-Filing
ReplyDelete"How are taxes filed Electronically?"
Tax service providers, as well as the IRS, provide "efiles" which give the same information as tax forms such as the 1040EZ and 1040A, but make it much more convienient for the tax payer, by letting the tax payer do it on their computer.
"What is the cost?"
Most tax servies provide a free service, as well as more elaborate tax files you can buy.
"Who can file E-Files?"
If you have access to a computer you, yourself, can E-file your taxes. Other options include Tax Software such as Turbo Tax and H&R Block. Another option is that you can hire a tax professional to e-file for you.
"What are the Pros and Cons of E-filing"
Pros:
-With E-filing that is less than a 1% margin of error, opposed to hand written which is about 20%.
-You can usually recieve your income tax sooner with e-filing.
-The time it takes to file your taxes electronically is much less than hand written.
Cons:
-E-filing can sometimes cost more than traditional tax return methods.
-The security in e-filing is in question for the taxpayers personal and tax data.
-1/5 of e-files were rejected because there was some error in their e-signatures.
Wisconson Radio Network, "State continues E-File Push"
http://www.wrn.com/2011/01/state-continues-e-file-push/
IRS E-File Blogspot
http://freeirsefile.blogspot.com/
E-File Informational Video
http://videos.howstuffworks.com/medialink/1512-how-e-filing-taxes-works-video.htm
Courtney R. & Landon
"Whats the cost"
ReplyDeleteThis part is a bit trickier. While doing your own taxes costs you a stamp or two, online programs vary in price. The good news for those of you with simple tax situations is that online tax tools are low cost and sometimes even free! The more complex the return, the higher the price. However, the cost is usually outweighed by the amount saved in found deductions!
"Who can file e-file"
•You do NOT have Social Security Numbers (SSN) or Individual Taxpayer Identification Numbers (ITIN) that allow you to work in the U.S.
•You are in the military
•Your home address or your employer's address is in another country (including Mexico, Canada, Puerto Rico or Guam)
•You have an agreement to split credits, deductions or exemptions for your dependents with someone else
•You are filing for someone who is deceased
•You want to claim depreciation on a rental property
•You received dependent care benefits (W-2 Box 10) AND you are married filing separately
•You received dependent care benefits (W-2 Box 10) AND you have income or loss from a business, rental real estate or royalty property
•You received social security income, have a retirement plan at work AND made IRA contributions.
•You received non-gaming tribal revenue
•You have a SEP (Simplified Employee Pension) or SIMPLE (Savings Incentive Match Plan for Employees of Small Employers)
•You made contributions to or received distributions from an Archer MSA or MA MSA.
•You are married filing together and you and your spouse have separate Health Savings Accounts (HSAs).
•You are in a registered domestic partnership and you want to file in California
•You want to take a deduction of more than $500 for a donation of a Motor Vehicle, Boat or Airplane (Form 1098-C)
•You want to deduct a disaster loss
•You want to file as an injured spouse
•You want to claim the First-time Home Buyer Credit for your 2009 return, but you purchased your home in 2010.
•You have foreign earned income
•You have farm income
•You have barter income
•You have IRA rolling distributions
•You have an IRA lump sum distribution AND you were born before January 2, 1936
•You received Form RRB-1099-R
•You have unreported tips from a job for which you received a 1099-MISC rather than a W-2
•You have a child's interest or dividends (unless it is the Alaska Permanent Fund Dividend and the child is under age 14 at the end of the year)
•You have a daycare business (for children, seniors or disabled) and you first used your home for your business this year.
•You have income from a penal institution
•You have passive loss
"What are pros and cons on e-file"
PROS OF ELECTRONIC TAX FILING:
*Faster refund: Refund processing time may take as little as 2 weeks
*Efficient: Recording and transmitting of tax information is faster
*Less paperwork: Paper tax forms such as form 1040 do not need to be mailed
*Digital copy: Digital copies can be stored on a computer or disk
*No mailing costs: Transmitting of data itself is included in the service
*Can transfer federal information on to State tax application
*Math check and guided completion aids in tax filing accuracy
*Reduces need for expensive "anticipated refund loans"
*Online payment of taxes via multiple methods
CONS OF ELECTRONIC TAX FILING:
*Not always free: For high income earners and State tax returns a fee may be charged
*Will owe taxes faster if tax is due: If a tax filer owes taxes, the more efficient method could lead to faster processing of official acknowledgement of owed taxes.
*May not accommodate some complex tax filing procedures: 2% of tax forms and/or procedures cannot currently be accommodated by electronic tax filing.
*No paper copy unless one is printed:
"Presentation on e-filing"
https://incometaxindiaefiling.gov.in/portal/downloads/eFiling.ppt -
"Blog on e-filing"
http://www.legaldockets.com/NewPubBlog.html
"Video on e-filing"
www.youtube.com/watch?v=XErW5DdmcGY
Demetria Hurt
1.) Taxes are filed electronically by going to different sites who cary the tax information and forms you need to file the taxes. Be sure the site you go to is secure and connected to the government before putting any information.
ReplyDelete2.)The cost of e-filing just depend on were you go, who you hire, and/or what software you use. Most version are free but the cost varies from free to $25.
3.)Every taxpayer can E-file.
4.)Some pros for E-filing are as followed: it's fast, easier, more efficient, and less expensive. Some cons of E-filing are as followed: loss of jobs and not everybody has internet to do so.
article,
http://host.madison.com/wsj/business/article_dc1c38b2-2bc8-11e0-8ea0-001cc4c03286.html
-this article is bascially saying that more people are turning to the internet to file taxes instead of filling out the paper forms recieved in the mail.
blog,
http://billeater.com/blogs/micharch/1-15-2010/e-filing
-this blog is basically talking about the pros of e-filing, hiring a tax professional, and filing the actual paper work.
video,
http://videos.howstuffworks.com/medialink/1512-how-e-filing-taxes-works-video.htm
-this video is talking about where to go to e-file, how to e-file, the pros of e-filing, who can e-file, the security of e-filing, and the deadline of filing your taxes
olivia lashbrook
How are taxes filed electronically?
ReplyDeleteTaxes can be filed electronically using tax preparation software or online with tax software.
What is the cost?
The cost can be free, but increases according to how much money you make.
Who can e-file?
Anyone who filed taxes the year before can e-file.
Pros of e-filing
“It is quicker and more accurate.”
“Your tax return can be sent to you
faster and directly deposited into your account.”
“E-filing reduces errors that could be easily made.”
Cons of E-filing
× “A transmission error or bug in the system could result in penalty and fines for the taxpayer.”
× “Your state return may not be free.”
× “E-filing would increase your chance of
an audit.”
Article on E-filing
http://www.uscis.gov/portal/site/uscis/menuitem.5af9bb95919f35e66f614176543f6d1a/?vgnextoid=714e194d3e88d010VgnVCM10000048f3d6a1RCRD&vgnextchannel=9059d9808bcbd010VgnVCM100000d1f1d6a1RCRD
Blog entry on E-filing
http://blog.usa.gov/roller/govgab/entry/e_file_your_taxes_this
Video on E-filing
http://www.ehow.co.uk/video_2202031_efile-taxes.html
brooklyne yates
Article on e-filing:
ReplyDeletehttp://ezinearticles.com/?E-File-Your-2011-Taxes&id=5757698
Blog entry on e-filing:
http://money.usnews.com/money/blogs/my-money/2011/01/24/why-you-should-e-file-your-taxes
video on e-filing:
http://www.walletpop.com/2011/01/19/savings-experiment-make-filing-your-taxes-less-painful-and-l/
1: Taxes are filed electronically if you go different sites that carry tax information. Make sure it's the right and true information.
2: The cost to e-file can be anywhere from free to 25 dollars. It depends what site you go to and who you hire.
3: Anyone can e-file.
4: Pros for e-file can make filing faster and easier. Also less money. Cons for e-file are for people who lost thier jobs or has no internet access.
-Pharrah&Andrew
E-filing taxes is about the smae as if you are doing it on paper.
ReplyDeleteIt can cost anywhere from free to the $150 business edition.
Only certain places or people can e-file but the most trusted places are Turbo Tax and H&R block.
The pros of it is it is easy to do and its quicker.
The cons of it are people see your taxes and it cost money to e-file.
E-filing is widely used by many people.
http://www.irs.gov/efile/article/0,,id=118986,00.html
This blog shows question people might have for e-filing.
http://www.e-file-tax-returns.org/blog/
This video shows how e-filing works.
http://videos.howstuffworks.com/medialink/1512-how-e-filing-taxes-works-video.htm
-Jamie Peterson
E- filing is a web based electronic filing system used to transmit business tax return through the Internet. You can eclectronically file your taxes for free through IRS. Prepare your tax or return or have a professional prepare it for you. Depending on the type of package deal that you get or if you have a business the cost to e-file can be from $0-69.00. If you have a simple 1040 return it will cost you nothing. By Daysjah Terry
ReplyDelete90 million file their taxes electronically. Some use companys such as H&R Block that huave people that can do it for them. It is also possible that you can do it yourself. Depending on how you file your taxes it could be free or anywhere from $30.00-$160.00. A good thing about e-filing is that it's quicker.
ReplyDeleteA bad thing about it is thtat it alot of times cost.
Blog Entry: http//www.dandb.com/credit-resources/business-tax-help/how-to-file-your-taxes-electronically/
Video: http://www.youtube.com/watch?v=MnZgjpVGZDw
By: Cameron Busby
via Student-
ReplyDeleteAndrew Hutcheson
Article on E-Filing
http://www.centralillinoisnewscenter.com/news/local/Electronic-Filing-Up-Since-2010-118786614.html
Blog on E-Filing
http://blog.turbotax.intuit.com/tax-tips/the-rise-of-e-filing/01172011-4887
Video on E-Filing
http://www.marketwatch.com/video/asset/tax-report-irs-pushes-e-filing/15D47942-FCB7-4C3E-B3D5-2EF137637BB4#!15D47942-FCB7-4C3E-B3D5-2EF137637BB4
How are taxes filed electronically?
Tax service providers offer e-files which carry the same information you would need from paper tax forms and they automatically do the math for you, or you may purchase tax preparation software and fill out the form by yourself.
What is the cost?
The cost can range from free to $69, and even $99 for business tax forms.
Who can e-file?
Everybody can e-file that has access to internet from the computer.
What are the pros and cons of e-file?
Pros-You receive your refund faster. It also saves the IRS money from processing e-files as compared to paper returns. $0.19 to process an e-file. $3.29 to process a paper return.
Cons-Some people say you have a more likely chance to be audited. E-filing can cost you more than paper returns.
Via Student- Jamesia Robinson
ReplyDeleteHow are taxes filed electronically?
You can e-file through a tax professional, by using a purchased tax software program or through Free File right on the IRS website.
What is the cost?
It isn't a cost, because the IRS and states do not charge for e-filing. The only costs associated with e-filing are those charged by a tax preparer or tax software. Depending on the software brand and version, electronic filing charges have ranged from free to around $25.
Who Can E-File?
The IRS has a list of people that can e-file so only certain people can e-file.
What are the pros or cons of E-Filing?
Pros:
Faster Refunds, Greater Accuracy, Secure and Confidential Submission, File now, pay later, Quick Confirmation.
Cons:
You may get marketing pitches from the company you file with. You may also have to wade through advertising. Your state return may not be free. For example, TurboTax asks if you want to do your state form for $29.95. You might decide it's worth paying not to have to retype all the information.
Presentation:
https://apps.fcc.gov/eas/comments/GetPublishedDocument.html?id=11&tn=516031
Blog Entry:
'My Money'
http://money.usnews.com/money/blogs/my-money/2011/01/24/why-you-should-e-file-your-taxes
Video:
'IRS Channel on Youtube'
http://www.irs.gov/newsroom/article/0,,id=217826,00.html
Via Students-Audrey Covington and Caleb Friedmann
ReplyDelete1.Taxes are filed electronically through different website by filling out information that you would put on an regular tax form and it is summited to the IRS.
2.Prices vary depending on the website and packaging that you choose. ex: Free Edition- FREE; Deluxe-$49.45; Premier-$74.95; Home and Buisness-$99.95; Buisness-$149.95 www.turbotax.com
3. Anyone that files taxes and has the access to the internet.
4.Pros: Faster, easier, and more convenient to turn in.
Cons:You have to have a computer(with internet access), it may be more expensive depending where you do it.
Online Article On E-filing
http://en.wikipedia.org/wiki/IRS_e-file
Blog On E-filing
http://www.bargaineering.com/article/efiling-tax-return.htnl
Video on E-Filing
http://videos.howstuffworks.com/medialink/1512-how-e-filing-taxes-works-video.htm
Via Student- Shelby Hostettler
ReplyDeleteHow are taxes filed electronically?
After preparing your tax return, then go to an authorized IRS e-file provider. Sign form 8453 and attach other necessary forms to it. Your e-file provider will send your return electronically.
What is the cost?
For tax payers with an AGI of less than $58,000 can get their taxes e-filed for free. For other tax payers, getting their taxes e-filed can cost anywhere from $9.95 to $69.
Who can e-file?
Everyone can e-file, as long as they have access to a computer and the internet.
Pros and Cons of e-filing
Pros:
You have a 99% chance of not being audited.
You will be less likely to have errors.
It’s easier and faster than other methods.
In some cases it is free.
Cons:
If you don’t have a computer or internet access, e-filing is not an option.
Other tax companies will try and sell you more tax products and services.
Article on How to E-file taxes
http://www.ehow.com/how_7405818_file-federal-taxes-electronically_.html
Blog on How to E-file taxes
http://www.redwingsoftware.com/Blog/post/2011/03/30/eFiling-More-Than-a-
Trend.aspx
Video on How to E-file taxes
http://www.youtube.com/watch?v=t-oCXgnsBOU
Via Students- Ryan & Andy
ReplyDeleteHow are taxes filed electronically?
-More than 30million federal tax returns will be filed electronically. Most tax professionals, such as H&R block are authorized IRS e-file providers.e -filleng is almost the same as if you are doing it on paper it would cost you anywhere from $150 buisness edition.
What is the cost?
-The IRS& Michigan Treasury does not charge for e- filling. The cost varies depending on the tax paper, software pacage or online provider you select for e-filling.
Who can e-file?
If your income is $58,000 or less, let free file brand name software do the hard work for you with free tax preperation and free e-filling. Its avaliable only throgh IRS.
What are some pros and cons of e-file?
Nobody likes to talk about tax season and most people try to pick between paper or electronically filling their taxes.
The benefits of filling the taxes online are that they are much more convenient because you want have to send them in the mail.
The disadvantage about this is the internal revenue service uses third party software for electronic filling.
Blog entry on e-filing - http://www.edvensonconsulting.com/apps/blog/show/6143731-mandatory-e-filing-of-irs-forms-for-tax-preparers
Online article on e-filing - http://community.nytimes.com/comments/bucks.blogs.nytimes.com/2011/03/30/taxpayer-suggestions-for-improving-the-i-r-s/?scp=1&sq=e-filing&st=cse
Podcast on e-filing - http://medialaw.legaline.com/2006/07/court-e-filing-podcast-discusses-new.html
Via Student- jonathan ellis
ReplyDeleteHow are taxes filed electronically?
-More than 30million federal tax returns will be filed electronically. Most tax professionals, such as H&R block are authorized IRS e-file providers.e -filleng is almost the same as if you are doing it on paper it would cost you anywhere from $150 buisness edition.
For tax payers with an AGI of less than $58,000 can get their taxes e-filed for free. For other tax payers, getting their taxes e-filed can cost anywhere from $9.95 to $69.
Who can e-file?
If your income is $58,000 or less, let free file brand name software do the hard work for you with free tax preperation and free e-filling. Its avaliable only throgh IRS.
Pros: Faster, easier, and more convenient to turn in.
Cons:You have to have a computer(with internet access), it may be more expensive depending where you do it.
Online article on e-filing - http://community.nytimes.com/comments/bucks.blogs.nytimes.com/2011/03/30/taxpayer-suggestions-for-improving-the-i-r-s/?scp=1&sq=e-filing&st=cse
Via Student- Cory Britton
ReplyDeleteHow are taxes filed Electronically?
Tax service providers, as well as the IRS, provide "e-Files" which give the same information as tax forms such as the 1040EZ and 1040A, but make it much more convienient for the tax payer, by letting the tax payer do it on their computer
What is the cost?
Most tax servies provide a free service, as well as more elaborate tax files you can buy
Who can file e-Files?
If you have access to a computer you, yourself, can e-file your taxes. Other options include Tax Software such as Turbo Tax and H&R Block. Another option is that you can hire a tax professional to e-file for you
Some pros for e-Filing are as followed:
• it's fast,
• easier,
• more efficient,
• and less expensive.
Some cons of -Filing are as followed:
• loss of jobs
• not everybody has internet to do so
Article about e-Filing
http://taxbox.org/why-efile.html
e-File Blog
http://taxprof.typepad.com/taxprof_blog/2010/01/irss-efile.html
e-File Podcast
http://blog.turbotax.intuit.com/tax-tips/taxcast-the-irs-on-e-file/12182009-1131
Via Student- Tyeshia Woodard
ReplyDeleteHow are taxes filed electronically?
*You can file taxes online and you can also get the software for it. You can go to any sites to file it electronically.
How much it cost to e-file?
*There are lots of websites recommended by the service that offer free e-filing. Depending on the tax preparer, software package or online provider you select for e-file.
Who can file e-file?
*Anyone can e-file
Pros & Cons for e-file
*Its free
Its safe
Its Accurate
Its faster
Cons
*Taxpayers with income from farming, bartering, foreign sources and in home daycare businesses are excluded. Home and rental property sales or depreciations are not allowable.
Video on how to efile
www.marketwatch.com/video/asset/filing-taxes
Artical on efile
www.irs.gov/efile/article/0,,id=118508,00.html
Via Student- Tori Pattie
ReplyDeleteHow To E-File:
To file your taxes electronically you should go to a secure E-Filing Website.
How Much Does It Cost?:
It starts off free, but increases depending upon your income.
Who Can E-File?:
Any person who has a computer and/or internet connection.
Pros and Cons:
Pros- Faster refunds, Greater accuracy, secure and confidental submission, No paper return to mail, File now, pay later, and Quick confirmation.
Cons- State return may not be free, May have to wade through advertising, Lack of advice, Privacy concerns, and Hidden Fees.
E-file Article:
http://individuals.marylandtaxes.com/filinginfo/efile.asp
E-File Blog:
http://blog.turbotax.intuit.com/tax-tips/e-file-is-changing-the-way-the-nation-does-taxes/04282006-138
E-File Video:
http://www.orangetvfl.net/bill-donegan/tpp-e-file-video_f89893fa1,html
Via student-Kendra and Halie
ReplyDeleteHow are taxes filed electronically?
Filling taxes online can be a fast and simple alternative to fillling them out. You can go to places like H&R Block and Turbo Tax to have them e-filed.
What is the cost?
E-filing does not have to cost anything, it depends on were you go and what package you get.
Who can file E-file?
ANyBody can file them but the tax payers who owe taxes because they did not have enough tax withheld or incase of self-employed person fialed to make the required estimated pay to the IRS.
What are the pros and cons of e-file?
Pros-
1.There more conveient.
2.You can avoid to send them in the mail.
3.Refunds can be directly depoisted into bank account as little as 10 days.
Cons-
1.Your tax info could possibley get lost in Cyberworld.
2.The Irs uses third party software for E-filing.
Online Presentation for:
Electronic Filing:What is it? What are its implications?
http://www.chtlj.org/sites/default/files/media/articles/v019/v019.i1.Fenwick.pdf
Blog Entry:
REgion 5 Blog>> Blog Archive>> New Electronic Filing Requirement...
http://birgittamenih.blog138.fc2.com/blog-entry-63.html
Video or podcast on E-filing:
HowStuffWorks Videos on E-filing
http://videos.howstuffworks.com/medialink/1512-how-e-filing-taxes-works-video.htm
Via Student- Elizabeth Layne
ReplyDeleteHow are taxes filed electronically?"
- Taxes are filed electronically through sited that are having the necessary information and forms you need. There are multiple sited that’s will help you file your taxes with see; just make sure that they are secure and reliable.
"What is the cost?"
- There is no set fee for filing taxes. Some tax preparers offer their service to you for free, if you have your taxes prepared. If your return in straightforward then many tax professionals charge the same price for electronic filing of a return you have completed as for preparing the return for you and then electronically filing it. Although that is the case, it is probably better if you have the tax professional prepare the return for you if you want to file electronically. The fell for filing is never based on you income, refund, or any other tax return figure!
"Who can file e-file?"
-not everyone cans e-file. If you go to www.irs.gov they will have a list of the requirements needed and the people who can e-file.
"What are the pros and cons of e-file?"
-Electronic filing speeds up refunds and reduces errors. It can be free, it reduces errors over 90%, and it can slash your waiting time for a refund if you direct deposit-to around two weeks. There are also cons to e-file. You may get marketing pitches from the company you file with, and your state return may not be free.
"Article or Presentation"
http://host.madison.com/wsj/business/article_dc1c38b2-2bc8-11e0-8ea0-001cc4c03286.html
"Blog Entry"
http://freeirsefile.blogspot.com/
"Video or Podcast"
http://videos.howstuffworks.com/medialink/1512-how-e-filing-taxes-works-video.html
Via Student- Pheobe Johnson
ReplyDeleteHow are taxes filed electronically?
First, gather all of your information.(Full names, social security numbers, birth dates, etc)
Next, choose your filing method. You can e-file through a tax professional, or through Free File right on the IRS website. If using a tax professional, make the appointment and then wait for your return.
What is the cost?
The cost may be free, but it could increase depending on how much money you make.
Who can e-file?
Everyone can e-file!
Pros of e-filing:
-Quick processing, tax forms you need are immediately available to complete, more efficient than on paper.
Cons of e-filing:
-The only con to e-filing is that it could cost you money.
Article on e-filing:
http://www.centralillinoisnewscenter.com/news/local/Electronic-Filing-Up-Since-2010-118786614.html
Blog on e-filing:
http://money.usnews.com/money/blogs/my-money/2011/01/24/why-you-should-e-file-your-taxes
Video on e-filing:
http://www.youtube.com/watch?v=t-oCXgnsBOU
Via student- Brittany Pridemore
ReplyDeleteE-file blog
If u need to file your taxes electronically there are millions of websites u can go to.
http://www.free-tax-return.com/2010/
Cost?
Mostly all tax services are free!!
Who can E-file??
Anyone that has a computer and internet
Pros and cons
One of the pros is that it don’t take long to do and u get your income tax sooner when u e-file.
Cons
Via Student- Brittany Pridemore
E-filing may cost a little more sometimes.
http://community.intuit.com/posts/helpful-articles-on-e-filing-extensions
http://videos.howstuffworks.com/medialink/1512-how-e-filing-taxes-works-video.htm