Tag: efile

Posts Tagged ‘efile’

Benefits to Efile taxes when online tax filing for 2022

Posted by admin on January 7, 2023
Last modified: January 6, 2023

Efiling your taxes has become increasingly popular in recent years. The majority of taxpayers now file their tax returns electronically, and it’s no wonder why. Filing electronically is quick, easy, and processed faster than mailing your return. Plus, the IRS recommends Efiling as the best way to file your taxes. Here’s a breakdown of the benefits of Efiling your taxes

In today’s digital world, electronic tax filing is expected to be an alternative to older, manual processes. Businesses can now do more than paper-based, laborious, time-consuming tax preparation or software-based filing with PriorTax. Online tax filing via Efile has brought greater flexibility in filing taxes and is much more convenient as one taxes can now be filed at one’s convenience, home or work.

PriorTax Assigned Tax Service Professionals 

You do not need to use expensive tax-prep software to file taxes electronically. Even if you are not fiscally competent and not in a straightforward situation, you can fill out tax forms with one of our assigned tax professionals step by step on the spot. Online tax filing with PriorTax will identify tax forms and documents you will need to start the filing process with confidence.

Audit Protection with PriorTax

PriorTax can even provide an audit defense during the filing process should your tax return be selected for audit by the IRS.

efile taxes
efile taxes

Benefit 1. Filing Taxes Online or Efile tax is simply the easiest way

Taxes don’t have to be a pain. In the past, you had to make an appointment with your accounting office and wait around while they did the math. But now, you can file online from anywhere. All you need is an internet connection. You can even do it from your phone! With web-based tax programs, there’s no need to go to a physical office. And with locally downloaded programs, you can take your taxes with you wherever you go.

Filing your taxes online is quick, easy, and convenient. With step-by-step instructions, you can be confident that you’re completing everything correctly and won’t face any penalties for inaccuracy. You can even start filing, save your progress, and come back to it later. Online filing is simply more convenient.

Benefit 2. Efiling your tax gets your Tax Return through Direct Deposit

Choosing to file electronically and get your tax refund through direct deposit is the fastest way to get the money as soon as the IRS begins processing returns. Because Efiling reduces processing time, individuals and businesses receive their refunds faster (e.g., within three weeks of Efiling). In addition, you are more likely to get a refund more quickly if you file your return electronically instead of by mail, simply because doing so saves a trip to the post office and time spent in the mail. 

Benefit 3. Efile taxes for faster processing

There are many advantages to filing your taxes electronically. One of the biggest advantages is that you will receive confirmation almost immediately that IRS has received your tax return. Additionally, processing your refund will likely be faster since electronic filing means that IRS does not need to sort or transcribe your tax return at their service center. Everything related to your tax return will be processed faster when you file online. You won’t have to read confusing instructions for each form or try to figure out which number goes in which box. Instead, electronic filing asks simple and intuitive questions, clarifies where inputting information is required, and automatically fills out all necessary forms.

There’s no need to write your name a million times when you file with an electronically signed return. Instead, simply draw your signature on your device’s trackpad, copy and paste it when indicated, and submit your return. The information is sent directly to the IRS immediately, eliminating the wait for postal delivery, IRS mail room sorting, and eventual approval.

Efiling your taxes means receiving any refunds you are owed much faster. Direct deposit is automatically wired to your bank account once the IRS processes your information, rather than waiting for a physical check to come in the mail. This way, you don’t have to rely on the postal service for timely delivery. It usually takes 1-3 weeks to get your refund after you file your taxes electronically and request a direct deposit. But it can vary based on how you filed, what credits you claimed, and how you want to receive your refund. You can learn more about when to expect your refund here.

Benefit 4. Simple and secure electronic records of tax forms

Keeping records of your taxes for up to seven years is a best practice. After that, there is a risk of identity theft when old tax records are disposed of improperly. On the other hand, the stack of past taxes will grow larger each year and take up more space. Efile taxes provides a solution by storing years of history securely online without taking up physical space. This makes information easy to retrieve when needed.

Benefit 5. Accuracy of filing taxes online

Taxes can be confusing, but accuracy is key. Incomplete or incorrect information given to the IRS can result in big penalties – even jail time. PriorTax takes care of everything for you so you can feel confident that your taxes are done right.

Efile your taxes early.

Someone who files early on their taxes will be already in the system, either processing their return or receiving a refund. If you discover that you owe the IRS money, filing early gives you extra time to get back on the road to paying the tax. 

People who file early stand a better chance of discovering errors and fixing them before the deadline, which could result in larger tax refunds. People who tend to wait until later to file taxes are more likely to make mistakes, like missing out on valuable credits and deductions. 

If you filed in mid-January, you would only owe taxes due after filing. The good news is that if you submit your taxes early but then you make an error, you will have extra time to fix it and still be on track for your required filing deadline. For these reasons, if you are not in a state of mind where you can file your taxes properly early, opting for the Tax Extension is a good idea that will buy you some additional time.

How to E File Previous Years Taxes Online

Posted by admin on August 10, 2022
Last modified: August 10, 2022

Life is full of surprises; sometimes, things will simply happen before you know it, like the Tax Deadlines in April. If you have taxes past due, you are probably wondering where to begin. Has the deadline officially passed, or is it possible to continue filing previous years taxes? Tax Service Professionals at PriorTax are going to take you through the steps.

How to File Previous Years Taxes

To file your prior year’s return, you will need your W-2s or 1099 forms that you received in those tax years to report your income. Back tax returns have to be filed on paper and mailed to the IRS – they can be filed electronically or simply E-file tax online with PriorTax, and our LIVE Tax Service Professionals support will help you through it.

Taxpayers may e-file online with PriorTax, or use a tax preparer that is an approved electronic return originator (ERO). Under this arrangement, taxpayers may use approved software to file federal income tax returns and state income taxes in Missouri. You may also file electronically using approved, commercially available software programs, or you may have your return prepared and submitted by a licensed tax professional. If you wish to prepare your taxes in person, you may also use an authorized E-file vendor. The simplest and easiest way to file previous year taxes online is with PriorTax with the LIVE help of Tax Service Professionals.

You can use PriorTax to Efile tax online previous years taxes returns for up to 3 years after it is due.

Easy way to E file Previous Years Taxes Online

Simply create or log into your PriorTax account or create a new account to begin. Then click on the tab in the middle of the “My Account” page. Select the year you wish to begin previous year tax filing and begin filing your previous years taxes return online as E-file. From there, you’ll enter the income and expense information for the year you are filing. Of course, you can always rely on our free LIVE Tax Service Professionals for free. You will have the easiest experience filing taxes for both previous and current years.

Once your return is complete, any previous years taxes filings up to three years, you do not need to print out and mail in paper copies of your forms. This is because with PriorTax, the IRS supports e-filing prior tax year returns online electronically.

When you file your previous tax year taxes with PriorTax, you’ll get all the correct tax forms and the instructions for the previous tax year you are completing.

previous years taxes
previous years taxes

EFiling Previous Tax Years with PriorTax Online for Tax Returns

If you’re behind on your previous taxes, you can use PriorTax to E-file to get caught up. You can electronically Efile tax returns for the last 3 years. In 2023, you can file your 2022 return, plus returns for 2019, 2020, and 2021.

If needed, you can also file older returns by mail. Our Free Tax Service Professionals will help file with PriorTax for earlier years.

Keep in mind that the IRS usually only audits returns that are six years overdue or less. So your past six years of tax returns are typically the only ones that would be considered for an audit.

By Efiling Tax Online Previous Year Taxes Can I Still Get My Tax Refund?

Suppose you filed your return within three years after your original filing date. This deadline period is also applicable for tax credits such as the Earned Income Tax Credit (EITC). Tax deductions and credits can significantly reduce your tax burden, so it is in your best interest to file during this three-year window to receive your earned tax credits and refund. If you have a previous-year return you are still due, you can start today with PriorTax. 

Previous Years Taxes Electronically Online

Posted by admin on July 8, 2022
Last modified: July 11, 2022

How to file previous years taxes online?

You can file your previous years taxes and tax returns with PriorTax for up to three years after you are due. Simply sign in to your account or create a new one to get started. Then, click the “tax year” tab at the center of the top main menu on the home page. Select the year you want to create, then click Start Now. From there, you will input income and expense information for the year you are filing.

You can choose to e-file an electronic return for up to 3 prior years with PriorTax, or you will have to print out and mail a hard copy of your form. This is because the IRS does not support electronic filing of previous years returns. When you submit your previous years taxes using PriorTax, you will receive the proper forms and instructions for the particular year you are filing.

previous years taxes
previous years taxes

How many years can you e-file back previous years taxes electronically? 

You can send your returns electronically for three years at PriorTax. That means that, in 2023, you could file a tax return for 2022 using PriorTax, and also be able to file your taxes from 2019, 2020, and 2021. Then, you can use paper filing for additional back taxes if needed.

You can usually find forms for earlier years on the IRS’s web site. However, the IRS generally does not examine returns more than six years late. In other words, your last six years worth of tax returns are generally the only ones that will be considered for audit. You can learn more about how to prepare a past-year return using PriorTax here.

Can I still get my previous years taxes to refund if I’m filing back prior taxes?

Yes, as long as you filed your return within three years after your original filing date. This deadline applies even for tax credits such as the Earned Income Tax Credit (EITC). Tax credits and deductions can greatly reduce your tax burden, so it is in your best interest to file during this three-year window to receive your earned tax credits and refund. If you have a previous-year return you are still due, you can start today with PriorTax, for free.

What if I don’t have receipts or records for previous years taxes?

Many employers maintain electronic records of employees W-2s, so it is possible you can obtain copies of your earnings information on the Internet. You may also see what forms your employer has filed with the IRS by asking for a tax transcript. You can download a copy of your prior years transcript from the IRS’s website. If you do, you can ask clients if they can supply records about what they paid you. And look at credit card statements or bank statements to see proof of expenses.

What else do you need to you when filing previous years taxes online?

If you want information from your previous years tax return, use Get Transcripts to request your return or bill transcript. In addition, if you have lost any of your tax documents from the past 10 years, you may request a copy from the IRS by filing form 4506-T, Requesting a Tax Return Transcript.

To file a tax return with the past returns, you will need your W-2s or 1099 forms that you received in those tax years to report your income.

Find that you made a mistake or forgot to include an income, a deduction, or another credit on your original return. You will have to file Form IL-1040-X, an amended individual income tax return. If you want to file your IL-1040 via MyTax Illinois, you must use your account to do so. Suppose you are self-employed and are not filing federal income taxes. In that case, any self-employment income you make is not reported to Social Security, and you will not get credit for Social Security retirement or disability benefits.

For example, Maine Revenue Service is available for filing an individual income tax return (Form 1040ME), including a credit to help pay property taxes like in Maine. This is the self-service option, purchasing tax preparation software, either at a retail store or online, preparing your return, and pressing submit for electronic filing. You may use a tax preparer, software approved by the state of Oregon, or free electronic filing services.

See if you qualify for filing previous years taxes with PriorTax

If you have used PriorTax in the past, you already know how to prepare and file your taxes online. The IRS Free File program can give you online tax software from a number of tax prep companies, including PriorTax.

If you do not qualify for online filing options, you can still electronically file your returns using PriorTax. You can also e-file using approved commercially available software programs or have an authorized tax professional prepare and file your return. If you had a tax professional prepare your return, you likely authorized that person to e-file for you.

Be sure the e-filing supports the forms you wish to file. Please be sure that the company providing the software supports all the forms and schedules you will need to electronically file your individual income tax return.

Under this arrangement, taxpayers may file federal income tax returns. Taxpayers may e-file either through their own computer or a tax preparer, an approved electronic return originator (ERO). While many taxpayers still mail their returns, e-filing, typically using an online tax preparation service, is becoming increasingly popular. As a result, the IRS anticipates that this year, the number of individuals efile for taxes will increase to record levels.

To better verify taxpayer identities and to help detect refund scams, we are now asking for identification information to ensure individuals tax returns.

If you are due a refund due to a tax lien or estimated tax, you have until the 3 years after your due date for filing the return to claim the refund. If you cannot pay all the taxes due by the due date, just file your return and pay what you can. If you missed filing a return in 2021 to claim the missed stimulus payments – just the stimulus payments checks – you will need to re-file taxes, which cannot efile electronically after Oct. 15, 2022.

File any taxes you are owed, whether you can make the payment or not. If you cannot fulfill your filing requirements, you are not required to file any returns from prior years. However, if you filed your return solely for that tax, you might choose to file Schedule H on its own.

Within 24 hours of your filing, the IRS will mail the proof of receipt to the software company you used. Once completed, the Federal and State returns are signed using either the Federal PIN number (or Form EF in Oregon). Filing with PriorTax to efile the previous years taxes returns sends a confirmation message saying the Tax Office received and accepted your return.

Prepare and efile your Federal and State returns electronically with PriorTax before tax day, so you will not have to do the difficult work of calculating taxes and mailing the information through the mail. During any given current tax season or calendar year, an on-time return will be prepared and efile electronically for the prior calendar year.

How to Fill Out the 2021 W-4 Form

Posted by Manisha Hansraj on October 29, 2020
Last modified: October 29, 2020
2021 w-4 form

The W-4 form has been revamped by the IRS.

The IRS’ goal is to simplify the W-4 form to reflect a transparent withholding system. The 2021 W-4 form is still in it’s draft stages, but will most likely reflect the 2020 W-4.

Although the 2020 and 2021 W-4 forms appear different from previous forms, we’re here to break down the changes for you.

Say good-bye to allowances

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Did you Miss the 2019 Tax Deadline?

Posted by Manisha Hansraj on October 23, 2020
Last modified: October 23, 2020
missed 2019 tax deadline

Rushing to file your tax return at the last minute?

We get it. Life is busy, especially when working from home with family or if you have other priorities. If filing your taxes has slipped your mind, we’re here to help.

The good news is, you can still file. Here’s what you need to know.

Important Tax Dates

If you missed the 2019 tax deadline, the following tax dates are important.

  • July 15, 2020 – The final day to file and pay the taxes you owe to the IRS without accumulating penalties. It is also the last day to file a request of a filing extension.
  • October 15, 2020 – The last day to e-file all returns and the extension deadline.

What if I owe to the IRS?

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When does the additional $300 unemployment benefit begin?

Posted by Manisha Hansraj on August 25, 2020
Last modified: August 25, 2020
$300 unemployment benefit

Jobless Americans are worrying about their unemployment benefits.

Since the extra $600 weekly benefit disappeared, their income is significantly less. Those who are out of work depend on their unemployment income to pay their bills.

Recently, President Donald Trump issued a measure for $400 per week to aid Americans.

However, instead, it’s an additional $300 unemployment benefit. States should provide the extra $100, but it’s up to them to distribute this.

Eligibility

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How to File Your 2019 Taxes

Posted by Manisha Hansraj on January 13, 2020
Last modified: June 24, 2020
2019 tax return

The 2020 tax season starts on January 27, 2020. January kicks off the new year and with a new year, comes a new tax season. Get a fresh start by finding out the new tax changes for your 2019 tax return.

Additionally, check out some tax reminders below.

Tax dates to remember

It’s important to set a reminder whether it’s your phone or calendar.

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How to File Your 2017 Taxes

Posted by Manisha Hansraj on May 31, 2019
Last modified: July 27, 2020

2017 taxes

Did you miss the tax deadline for your 2017 taxes?

Although you’re late, you can still file your late 2017 taxes. However, you won’t be able to e-file your tax return.

Dates to remember

The 2018 tax season ran from January 29, 2018, to October 15, 2018. The official tax deadline was April 17, 2018, due to April 15 falling on a weekend and Emancipation Day following after. The e-file and extension deadline was October 15, 2018; therefore, you are now required to mail your return to the IRS.

Can I still claim a refund?

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Can I pay my federal taxes with a credit card?

Posted by Manisha Hansraj on September 10, 2018
Last modified: September 18, 2018

Can you pay federal taxes with credit card

The IRS can’t directly accept credit card payments due to tax laws.

However, they can accept payments through a third-party processor. For example, online tax preparation companies are third-party processors since they are designated by a merchant to handle transactions for merchant acquiring banks. They can then assist you in making your credit card payment towards your tax bill to the IRS.

Here’s what you need to be prepared for when you plan on using the credit route.

There are no flat fees when using your credit card.

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How to File Your 2016 Taxes After The Tax Deadline

Posted by admin on December 26, 2017
Last modified: July 27, 2020

Did you miss the 2016 tax deadline?

With tax seasons coming and going, you probably have some catching up to do. Luckily, you can still file your 2016 tax return if you’re one of many taxpayers that are rushing to stay on top of a missed 2016 tax deadline. That being said, start raiding your rooms for all the receipts you need to finish your taxes. If you want to find out if you have a refund coming your way, utilize our 2016 tax calculator.

Read on to find out how to file your 2016 prior-year return.

Can I E-file my 2016 Tax Return?

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