Electronic Tax Filing and Forms Key Terms

Get an overview of some key terms used in electronic tax filing

Electronic tax filing involves the use of e-forms in order to submit your tax information to the IRS. Electronic filing ensures that your information is transmitted quickly to the IRS in order to reduce the waiting time if you’re expecting a refund.

Using electronic filing forms also ensures accuracy since you will receive an error message if information is incorrectly entered or missing from the form. Also, within a 48 time frame the IRS will send an electronic notification to allow the filer to know the electronic tax forms were received.

 

Free File

The Free File program is a collection of electronic filing services provided through the IRS as well as the Free File Alliance. The software program is available through the IRS website and allows individuals with incomes less than $56,000 to file for free.
Try: Find out more about the Free File electronic filing program on the Internal Revenue Service site.

EFTPS

EFTPS stands for Electronic Federal Tax Payment Service, which is an automated tax payment service that you can sign up for by filling out an electronic filing enrollment form. Once enrolled, federal tax payments are automatically deducted from your bank account.
Try: Check out the “About” page on EFTPS to learn more about the service.

E-filing options

E-filing options are the different allowances for each state regarding electronic filing. Some states allow you to use electronic filing forms while others still rely on paper forms.
Try: Review e-filing options for each state on TaxBrain.

Form 1040

Form 1040 and its variations, 1040A and 1040EZ are the most popular forms filed electronically for single and joint filers. These forms and their attached schedules are not filed electronically by businesses.
Try: Get definitions about Form 1040, 1040A and 1040EZ on the Fairmark website.

Direct transfer

When you electronically file, you can have your refund directly transferred to your bank account by providing your financial details, including account number and routing number. The IRS will give you an estimated date when the direct transfer will take place.
Try: Read through the FAQ section of E-File Online to learn about direct transfer.

EIN

As a business, you will need an EIN or employee identification number in order to access electronic filing forms to submit your taxes. This number is used by the IRS to identify your company.
Try: My Own Business gives you information and links about EIN in regards to filing taxes online.

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