Tax season officially started yesterday, when the IRS started accepting e-filed returns. Electronic filing is expanding: approximately 100 million returns were e-filed for 2011. The IRS is certainly encouraging this momentum. Professional tax preparers – such as Kruse & Crawford – have to submit individual income tax returns electronically if they expect to prepare more than 10 returns in 2012. One does not have much of a tax practice if one does not prepare more than 10 individual tax returns in a year. The percentage of e-filed individual returns has increased from 58% in 2008 to 77% last year.
The Free File has also started, which allows one to e-file federal individual tax returns for free if one’s income is less than $57,000.One last note: tax returns will be due Tuesday, April 17th this tear. That is because the 15th is on a weekend and the next business day (Monday) is a holiday in Washington, D.C.
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