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What you need to know for 01/20/2017

E-filing saving big bucks for NY tax dept.

E-filing saving big bucks for NY tax dept.

Electronic filing of tax returns in New York is saving a lot of trees.

ALBANY — Electronic filing of tax returns in New York is saving a lot of trees.

New York State Commissioner of Taxation and Finance Thomas Mattox says e-filing saves 160 million sheets of paper a year. Of the 23.7 million tax returns processed each year by the department, about 70 percent are filed electronically.

In terms of income taxes, more than 91 percent of New York taxpayers e-filed this year. That's up from 88 percent last year and just 28 percent a decade ago. The department also reduced its own paper consumption 37 percent over three years.

Mattox says e-filing saves New Yorkers more than $1 million annually in paper costs alone, and he calls that just a fraction of the savings when processing and storage costs are considered.

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