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E-file for faster refunds

by on
in Small Business Tax

Due to the economic slowdown, the IRS expects more taxpayers to file early and claim their refunds sooner. (IRS News Release IR-2010-4)

Alert:
The IRS reiterates that electronic filing is the quickest way to obtain a refund. Paper returns take four to six weeks to process. In contrast, e-filers can generally expect to receive refunds within 10 days. The IRS began accepting electronic returns on Jan. 15.

Approximately 3 million taxpayers used the IRS’ “Free File” program last year, down from roughly 5 million the previous year. Free File is open to taxpayers with an AGI of $57,000 or less. They are also eligible for free return-preparation software and free electronic filing. About 20 tax return software manufacturers give free online access to their materials to qualified taxpayers.

Tip: Tax-savvy filers with an AGI above $57,000 can use the no-cost “Fillable Forms” program.

See www.irs.gov/efile/article/0,,id=118986,00.html.

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