IRS e-file Opportunities for Taxpayers

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IRS e-file Opportunities for Taxpayers

Filing a paperless federal tax return is a very real option for millions of U.S. taxpayers in 1999, an option the IRS thinks will be attractive to most computer users and will result in a continuation of the trend toward e-filing by the nation's taxpayers.

The annual e-file volume (computer and telephone combined) has increased by 10 million over the past two years, to the point that one out of five taxpayers e-filed in 1998. IRS officials say they won't be surprised if e-filing surpasses their projection of 26.9 millions returns in 1999.

More than 18.6 million taxpayers e-filed by computer last year, either through tax professionals or from their homes. In Tennessee, more than 593,000 tax returns were computer-filed by tax preparers and nearly 19,000 were filed from individuals' home or office PCs. Almost one out of every three returns were e-filed by computer or telephone.

The Internal Revenue Service has partnered with various tax preparation software companies to allow taxpayers to prepare, print and e-file their tax return. Typically, filing fees range from $6.95 to $19.95 per return, however the IRS states that refunds are processed in half the time as when filing on paper.