File Electronically for a Faster Tax Refund

Record numbers of taxpayers are e-filing for speedy returns.

Internal Revenue Service

Electronic filing of tax returns to the Internal Revenue Service (IRS) reached another record last year. One big reason: faster tax refunds. Another benefit: e-filers receive an electronic acknowledgment within 48 hours that the IRS has accepted the return for processing.

Electronic filing of tax returns to the Internal Revenue Service (IRS) reached another record last year. One big reason: faster tax refunds. Another benefit: e-filers receive an electronic acknowledgment within 48 hours that the IRS has accepted the return for processing.

In 2007, the IRS received nearly 80 million tax returns through e-file, breaking the record set in the previous year when 73 million returns were filed electronically. Paper returns continue to drop year-after-year. The IRS said that e-file is a safe, accurate way for taxpayers to quickly complete their returns.

For select years, here is the percent of all returns filed electronically for the previous tax year:

• 1997 — 15.8%
• 2000 — 27.6%
• 2004 — 46.5%
• 2007 — 57.4%

The IRS noted that refunds come back in half the time of paper filing and even faster with the Direct Deposit program. In 2007, the IRS directly deposited more than 61 million refunds, up about 8 percent from the previous year.

Here is some information for individuals filing tax payments electronically:

• You can file your federal income tax return (Form 1040, 1040A, or 1040EZ) electronically and at the same time authorize an electronic funds withdrawal from your checking or savings account. You can also pay by credit card.
• There are no additional charges for electronic tax payment transactions.
• You can e-file your return early and schedule your withdrawal or credit card payment for a future date, up to the tax deadline.

To learn more, go to www.irs.gov.

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