Did you know that the fastest way to get a tax refund is to file your federal tax returns electronically? Now with tax season approaching, the Internal Revenue Service said Wednesday that it is expanding a program that enables taxpayers to file returns online at no charge. They are promising refunds much faster than for those who mail in paper forms.
Taxpayers who file electronically can receive refunds in as few as 10 days, compared to six to eight weeks for those filing paper returns. The IRS e-file system becomes available Friday. About 70 percent of all taxpayers with adjusted gross incomes of $56,000 or less, can use a Free File computer program that walks them through the filing process step by step, much like a tax preparer would. Those taxpayers with higher incomes can also fill out and file their tax forms online.
Last year, nearly 90 million taxpayers filed online. That is about 58 percent of all returns. The IRS Oversight Board, which oversees the IRS has set a goal of having 80 percent of taxpayers file online by 2012. You can find the IRS e-file system at www.irs.gov.
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