With just two weeks remaining until tax returns are due, let’s see how the numbers add up with respect to tax filings within Indiana: More than 3.2 million Indiana individual tax returns are filed each year. Eighty-five percent of these returns are filed electronically.
So, why are taxpayers choosing to file electronically?
- E-filed returns are processed in an average of 14 business days, while a paper-filed return can take up to 12 weeks to process.
- E-filed returns have a two percent error rate, while paper returns have a 20 percent error rate. Sophisticated software checks for math errors and guides you through the filing process from start to finish.
- You can file your taxes online 24/7, and online software vendors allow you to file your federal and state tax returns at the same time, so e-filing is a convenient option for many taxpayers.
- More secure – Fewer people see your e-filed return, making it more secure.
Two million Indiana taxpayers qualify to file their federal and state tax returns online for free with Indiana freefile (INfreefile). That’s about two-thirds of Hoosier taxpayers! Have an adjusted gross income of $64,000 or less? You may be one of them! Compare vendor offers and get started at www.freefile.dor.in.gov.
When it comes to security, the department doesn’t cut corners. The Identity Protection Program was launched in 2014. Since its inception, the program has stopped more than $100 million in fraudulent tax refund attempts and helped thousands of Indiana taxpayers discover their identities had been stolen and used to file fraudulent tax returns.
Your Somerset advisors are also working to protect your identity with respect to filing your income tax return. Contact your Somerset advisor or get in touch with us at if you have any questions.