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Valuable Tax Resources Available on the IRS Tax Website For Every Tax Payer

The IRS website has significantly improved in its resource provision and today, you can perform virtually any tax related function online through the IRS tax website. According to the IRS, there is a wealth of information, resources, and tools available free to all tax payers that can significantly improve on their tax return experience. Furthermore, these resources are available anytime, giving you more convenience. Some of these valuable resources are given below:

  • Answers to commonly asked questions – As opposed to waiting on a telephone line or employing the services of a tax consultant, you can simply go to the IRS website and find answers to almost all questions that you may have about taxes and tax returns.

  • Free and immediate access to return forms – From the IRS website, you can get access to all the forms that you will need to submit your tax returns or to provide any other required disclosures. The website not only provides free downloads for these forms but also provides detailed guidelines as to how to fill out these forms correctly.

  • Electronic filing solution – The electronic filing solution provided by the IRS website is a partnership between the IRS and private software companies. You can file you taxes and store your forms through this solution and you can then retrieve the information whenever you need it. The solution is free for any taxpayer with an income of $58,000 and below, but for those who earn above this, you may be required to pay a fee.

  • File your tax returns electronically – The most valuable added feature on the IRS website is the e-file solution. You can make your free and convenient tax returns through this solution. In 2010, over 70% of tax returns were made electronically, showing that the process has become popular and prevalent. Going forward from here on out, the IRS will require most tax preparers to file taxes electronically starting from 2011.

  • Follow-up on tax refunds – The IRS website also provides a platform for checking the progress of your tax refunds. You can know what approval steps the refund has passed and how many more are to go. This helps avoid unnecessary inquiries.

  • Make tax payments electronically – Through the IRS tax payment solution, you can now put a direct deposit request to have your taxes debited directly from your bank account or from your credit card. This direct deposit solution, if used hand in hand with the e-file solution, will get your tax refunds processed and released in as little as 10 days.

  • File for Earned Income Tax Credit (EITC) – The EITC is a tax credit for people who earn below $49,000 a year. To qualify for this credit, you will need to apply for the credit on the IRS website or with your tax returns. You can use the EITC solution by answering a few questions to know whether you qualify for the credit.

Apart from all these resources, you can get a wealth of other tax-related resources from the IRS website. You can get information on tax laws and find out deductions that you qualify for.