E-Filers Reap Benefits of Speed, Accuracy and Confirmation of Receipt
Tinley Park, IL–(ENEWSPF)– More than ever, electronic filing (IRS e-file) is an important and beneficial step that taxpayers should take this tax season to ensure confirmation of receipt of return, among other benefits, according to Annette Jamerson, South Suburban Territory Manager of Jackson Hewitt Tax Service. “Not only does the IRS e-file program provide assurance that your 2007 income tax return has been received, choosing this method when filing can also expedite the receipt of an expected income tax refund.”
“Most of our customers choose to e-file a tax return, and we see this number growing every year, “ explains Shelia Whorton, Franchise Regional Director. “Jackson Hewitt provides electronic filing free to all of its paid tax preparation customers. E-filing a return just makes sense, and even more so this year as those who can e-file and are expecting a stimulus payment check, can rest assured that their return has been received and is in the pipeline.”
This year, these benefits are heightened, since those who qualify for a check as part of the Economic Stimulus Payment must file a 2007 income tax return, and e-filing a return offers assurance to millions of taxpayers that their return has been received by the IRS and that their information is in queue for the processing of their stimulus payment check. However, for some individuals to file an annual tax return-such as seniors who have zero income, zero tax and zero payments-a paper return will have to be filed for the IRS processing of their stimulus payment check. Even those individuals with little or no tax liability may qualify for the rebate payment if their tax return reflects $3,000 or more in qualifying income. Qualifying income consists of wages, net self-employment, Social Security, certain Railroad Retirement benefits and veterans’ disability compensation, pension or survivors benefits received from the Department of Veterans Affairs in 2007. However, Supplemental Security Income (SSI) does not count as qualifying income for the stimulus payment.
The vast majority of Americans who qualify for the economic stimulus payment will not have to do anything other than file their 2007 individual tax return to receive their payment this year. The IRS will use the 2007 tax return to determine eligibility and calculate the amount of payment. Payments range from a minimum of $300 for individuals, to $1200 for taxpayers who file a joint return. Parents and anyone else eligible for a stimulus payment may also receive an additional $300 for each qualifying child.
Since launching IRS E-file as a pilot program in 1986, the IRS has actively promoted the program by pointing out its many benefits. E-filing has grown from 19.2 million returns (15.8 percent) in 1997 to 79.7 million returns (54.4 percent) in 2007.*
The benefits of electronically filing a tax return include:
Speed: Not only does e-filing a tax return allow the tax information to be submitted faster to the IRS, but for those who are expecting an income tax refund, they can receive their refund in 8-15 days via direct deposit to their bank account, versus a 6-8 week wait if they file by paper return and receive their refund check in the mail.
Accuracy: E-filing offers an additional way to ensure accuracy. Tax information errors and Social Security number mismatching have a greater chance of being identified, allowing them to be corrected sooner, and avoid a possible further delay in processing and receipt of a refund, if expected.
Confirmation of Receipt: The IRS acknowledges all e-filed tax returns, typically within two business days – alleviating the stress of wondering if your return has been received.
The Jackson Hewitt office in Tinley Park, along with its Chicago, South Suburban, and Joliet locations is working with customers now to prepare and file 2007 tax returns and to help filers understand the benefits of e-filing. For more information, or to schedule an appointment, please call 1-708-633-1040 or visit www.jacksonhewitt.com. More information on IRS e-file can also be found at www.irs.gov/efile.
Jackson Hewitt Tax Service Inc (NYSE: JTX), is an industry leader providing full service individual federal and state income tax preparation. Most offices are independently owned and operated. The Company is based in Parsippany, New Jersey.
*Internal Revenue Service (IR-2007-185, Nov. 7, 2007)