The Internal Revenue Service had implemented the service of electronic tax for all the taxpayers who want to file their taxes through internet during the year of 1995. Then after this service have flourished, augmenting and gradually replacing tax accountants or the CPAs to prepare the tax returns. Ever since the IRS has been working hard towards its development and specific improvements of the method of online tax preparation to make this process easy, convenient and time saving. As a result the number of online taxpayers are remarkable and increased every year.
This year the taxpayers are higher than the expectation. The whole procedure of Online Tax preparation is to prepare your tax return, often income tax return, often for a person other than the taxpayer, and generally for compensation. It may be done by the taxpayer with or without the help of tax preparation software and online services. Tax preparation may also be done by a licensed professional such as an attorney, certified public accountant or enrolled agent, or by an unlicensed tax preparation business. As Federal Income Tax laws are considered to be complicated, many taxpayers seek outside assistance with taxes.
For those taxpayers, whose this is the first time then it is obvious to get confused thus nervous as couple of questions are there in their mind regarding online Federal 1040 Tax preparation that what to do, how to do, etc. There are certain things they need to do as they start to file your taxes. There is an option for the taxpayers for Free Filing but before you choose this facility, you must check whether you are eligible for it or not. Filing your taxes does not need to be an intimidating process, you really do not need to worry about a wide variety of forms and tax laws, since the tax software can help to simplify the whole procedure. All you need to do is to follow the steps below :
- Gather your Tax Documents.
- Determine your AGI.
- Review the Free File FAQs
- Choose your 1040 Form.
- Efile with Free File.
- Choose Direct Deposit.
- Pay Electronically.
