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January 5, 2012 9:13 am
Electronic Filing Continues to Increase
In 2011, there was a 14% increase in e-filing, according to the IRS Oversight Board’s 2011 Annual Report to Congress on Electronic Filing. Seventy-eight percent of all individual returns were e-filed in 2011. The expectation for the 2012 filing season (for 2011 income tax returns) is 80% e-filing. E-filing also includes the use of the mobile application, IRS2GO, for submitting a 1040EZ with a smartphone.
Because of increased e-filing, the IRS no longer mails out paper returns and instructions to taxpayers in December. Forms and instructions can be found on the IRS website.
Source: IRS Oversight Board 2011 Annual Report to Congress on Electronic Filing
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Tax Glossary
Appreciation in value
Increase in value of property due to market conditions. When you sell appreciated property, you pay tax on the appreciation since the date of purchase. When you donate appreciated property held long term, you may generally deduct the appreciated value.
