Today, practically everything is done electronically – taxes are no exception. In 2018, 88% of taxes were prepared and filed electronically.*
If you’re able to and considering preparing your taxes electronically, here are three reasons why it could be beneficial to do so this year.
1. You’re less likely to make a mistake.
Anyone can make small math mistakes. Even a minor mistake can cause stress as your refund may be delayed or worse, your taxes to be audited. Preparing your taxes electronically means less work and number crunching as the program will automatically calculate items for you; meaning less chance of a simple mistake.
Preparing and filing electronically can’t guarantee a mistake-free return as you still need to ensure you’re entering information correctly, but it can significantly reduce the likelihood. It’s always important to double check your forms before hitting the submit button to ensure numbers were entered correctly.
2. You could miss out on potential tax deductions or credits.
There are a variety of deductions available to taxpayers you may not be aware of. The benefit of preparing your taxes electronically is the program will often steer you toward potential credits or deductions applicable to your life. Most tax-preparation programs will ask questions that lead you to the right tax breaks you may be missing out on including write-offs for homeowners or medical expenses.
Not knowing about these means you’re missing out on potential money back in your pocket.
3. You’ll get your return sooner.
Filling electronically means your taxes are filed instantly versus dropping it in the mail and waiting for the IRS to receive it (plus, it eliminates the worry of it getting lost in the mail!). You’ll be able to check the status of your return even sooner online.
The IRS reports that those who e-file typically receive their return in three weeks or less while those who submit a paper return typically need to wait six or eight weeks. With electronic filing, you can easily and safely enter your bank account information and have your return deposited directly into one or multiple accounts.
This is your year. Your year to enjoy the ease and benefits of filing electronically.
General Electric Credit Union has partnered with TurboTax® to save members up to $15 on TurboTax Online. The best-selling tax software, TurboTax helps you get your taxes done right and the biggest possible refund you deserve.
Key benefits of using TurboTax this year:
- No tax knowledge needed.
- Get help when you need it as TurboTax is standing by 24/7.
- Customized experience so you'll know you get every penny you deserve.
- Get step-by-step guidance through your taxes and guaranteed 100% accurate calculations.
TurboTax will guide you through your return step-by-step. The program will double check your work for accuracy and easily file your taxes electronically. PLUS, new this year, you can do your taxes with live CPA or EA advice on demand and receive a detailed review before you file.
* eFile.com Income Tax Return, eFile Statistics