IRS has reported that more than 90 percent of the federal tax returns have been filed online this year. Online tax return filing is much easier compared to paper filing of returns. Procrastinators are facing tough time as the tax filing deadline is approaching fast. Many taxpayers are confused regarding their deductions under Affordable Care Act.
The National Society of Accountants estimated that tax preparers charged an average $261 for an itemized Form 1040 and state tax return filing in 2013. Last week data from IRS suggested that 67 percent of taxpayers had filed their income tax returns. IRS has urged taxpayers to file taxes online and to request direct deposit option for tax refund. Tax refund status can be checked on IRS website.
For individuals who still haven’t filed their tax return, VITA, TCE, and Tax-Aide provide free tax filing assistance. Tax-Aide covered more than 7,000 locations across the country. Tax-Aid has 32,000 trained volunteers who help more than two million taxpayers each year in filing their income tax return. Tax Counseling for the Elderly (TCE) offers free assistance to American aged 60 years and above.
IRS has also offered a special toll-free helpline for people to setup a meeting with IRS officials while filing paper return. IRS also offers a dedicated smartphone app for filing tax return online and for checking refund status. Tax preparation software is also helpful in filing individual or small business tax returns.
IRS report said that more than 1.2 million income tax returns have been processed this year.