You may be gearing up to file your taxes for the 2024 season but did you know that a new way to file your taxes has come into action? The direct IRS tax filing can solve all your problems with a little effort. This new method is brought into action to make the tax filing process more streamlined. It will give a boost in efficiency as well as reduce the hassle and save money for taxpayers. So are you ready to dive deeper to know more about how to file taxes directly with the IRS?
What do you mean by Direct IRS Filing?
Tax filing is often a lengthy and costly process. Which is the reason why many of us don’t care to file taxes. That’s why a new method of filing that helps you submit tax returns directly to the IRS (Internal Revenue Service) by using their platform.
However, this way becomes easier to file taxes and you can avoid the traditional third-party preparation software as well as services. But, this method is built on recent technological advancements. Which contains some typical methods for a user to use on their own. At this point, Monk Tax Solution experts will help you out of this situation to save the cost hassle-free while filing taxes.
Advantages of Direct IRS Tax Filing
- One Way Process
Direct IRS Filing reduces the above steps by helping the taxpayers to enter their information directly into the IRS’s systems. This not only simplifies the process but also saves you time.
- Cost
When you prepare for filing the taxes it not only requires time but some professional service may charge you hundreds of dollars. But when you use the direct filing option and you qualify then it can also be a financially advantageous choice. As per reports from National Taxpayer Advocate 2022, an average of $200 is paid by many taxpayers for tax preparation services. Direct filing can be highly beneficial for those with straightforward tax situations which helps to avoid these expenses.
- Accuracy
Traditional methods of filing taxes are often laden with errors, misinterpretation, or data entry issues. Through direct filing, you can easily pass this hurdle by minimizing errors and producing perfect data and tax preparations. The IRS system is designed as such that data can be validated to reduce the occurrence of errors. IRS report 2023 reported that the use of the IRS’s filing system led to a 15% lower rate of error when compared to third-party tax preparation services.
- Processing
Another benefit of using the IRS’s filing system is that it makes the process faster along with making it easier. This includes a faster rate of return as well as quicker response to queries and issues. As per the IRS, the returns that are filed directly through their system are generally processed approximately 10 to 14 days faster than those from third-party services.
- Security
When you are looking to file your taxes, security is an important factor that you are looking for. The IRS system has an inbuilt security system that protects taxpayer information from getting leaked. This inbuilt security system includes multi-factor authentication as well as encryption. As per the 2023 cybersecurity report, when compared to other private tax preparation platforms IRS data filing provides a high level of data protection.
What Are the Disadvantages of Using Direct IRS Tax Filing?
- Eligibility
Not everyone can use the IRS tax filing method. If you want to use this method you should look into its rules. This method comes in handy for people with simple tax solutions, like those who do not have complex financial scenarios and itemize deductions. For instance, if you are a taxpayer with significant investment, rental properties or business income then you might need professional assistance.
- User Experience
When compared to traditional ways of tax filing. Direct filing is simpler but it may need a level of comfort with online forms as well as knowledge of tax terms and definitions. Although when you fill your tax returns through direct filing you will get step-by-step guidance. Also, you need to be aware of tax forms to navigate smoothly throughout the process. A 2023 survey highlighted that 30% of taxpayers still prefer third-party services to handle their tax forms because of unfamiliarity with tax forms.
- Documentation
Another aspect of a successful tax filing is accurate as well as complete tax filing. Just like traditional tax filing, you need to ensure you have all the documents with you. Before you start the process, any missing or incorrect data can lead to delays and errors. The guidelines of the IRS also state that for successful tax filing, it is important that you have all the documents ready with you beforehand.
How Monk Tax Solutions Can Help You with Direct Tax Filing
We at Monk Tax Solutions make filing tax returns a piece of cake. No matter what you are looking for, we can help you with every single step of the filing process. From gathering your documents to error-free data input. Our professionals equipped with wholesome knowledge of sections and amendments as updated to the newest IRS release. In this manner, they assist you in filing of tax like a pro with the IRS. So if you are looking forward to filing taxes directly with the IRS, then Monk Tax Solutions can be your perfect partner.