When it comes to filing your taxes, sending in a paper form is still an option. But just because you can, doesn’t mean you should. Find an option that is most efficient in terms of time and security. There is a significant amount of personal information on tax forms, and filing electronically through a respected and tested website could potentially be the best choice for guarding that private information.
Let’s go over 4 reasons why you should consider e-filing your 2020 taxes.
The rapid transfer of information is critical. Unfortunately, there are people who want to steal that same information.
When you send your tax forms by mail, anyone could open the envelope and see the Social Security numbers, addresses, and salary information.
There are regulations and security measures that govern e-filing. When they are followed, it prevents people from seeing your information. There are layers of protection to safeguard you from potential threats.
Cybersecurity is evolving because the people who steal information are as well. The IRS has a vested interest in being able to provide a safe and secure method for you to submit your taxes.
Reduce The Chance of Errors
Understanding how much to withhold to put towards state and federal taxes, Medicare, Social Security, and unemployment insurance, is complex. Instead of spending your valuable time studying and tracking the constantly changing tax laws, payroll and e-fiing software can do the calculations for you.
E-filing Is Convenient
At the end of the year, you will file a W2 or a 1099 for each of your employees and contractors. This process becomes more efficient when you are able to take your payroll information and transfer into a tax document.
Imagine how simple it would be if you were able to sit down, see all the payments you have issued, and then generate a tax form directly from them.
As a business owner, your time is extremely valuable. Combining your payment and salary details with the appropriate tax forms is an effective way to do business.
There are two reasons why e-filing will lead to faster returns. The first is because of something we’ve already talked about: fewer mistakes. Errors create an additional back-and-forth paper exhange that adds time to the process. By eliminating this, you will increase your chance of a quick return.
The second is more apparent. Your submission will be received instantly without the added time of being transported via mail.
123PayStubs allows you to generate pay stubs for your employees and contractors within minutes. During tax season, you can then use the information from your pay stubs and submit a W2 or 1099 directly to the IRS.
Take advantage of the simplicity that 123PayStubs can provide, and then spend the time you saved on your business.