Filing Your Tax Returns for Free
The term ‘filing a tax return’ is usually enough to cause a wave of confusion and anxiety, especially for those unfamiliar with the financial jargon. It becomes even more daunting with the added pressure of deadlines and the fear of making a mistake. However, the process of filing taxes doesn’t have to be as expensive as hiring a professional. In fact, it can be done for free.
Contrary to popular belief, free tax filing services are not just available to low-income earners. There’re many ways to file your tax return for free regardless of your income bracket. The secret lies in understanding the tax filing process and finding the right tools to assist you.
Firstly, know your eligibility. The IRS Free File program offers free federal tax return filing for taxpayers whose adjusted gross income is $72,000 or lower. You can access these tools on the IRS website. Several well-known tax preparation software providers participate in this program, including TaxSlayer, H&R Block, and TurboTax.
Those with incomes above $72,000 can still file for free through Free File Fillable Forms. These basic electronic versions of IRS paper forms are suitable for more experienced taxpayers comfortable with more complex tax situations.
For those who have business ventures, investments, or property overseas, the ‘LA International Tax Filing‘ approach is another free or relatively cheap way to file your tax return. This option becomes even more relevant when you earn income from different countries.
Take advantage of Volunteer Income Tax Assistance (VITA) and Tax Counseling for the Elderly (TCE) programs. VITA offers free tax help to people earning $57,000 or less, persons with disabilities, and limited English-speaking taxpayers. TCE provides free tax assistance for all taxpayers, particularly those aged 60 and older.
In terms of state taxes, some states offer free e-filing through their department of revenue websites. However, certain states may have income or age restrictions for free filing. Thus, it’s important to research your specific state’s guidelines beforehand.
While the cost-saving benefits of filing your tax return for free are clear, remember that it does require time, patience, and a level of comfort dealing with numbers and financial data.
Caveat aside, being proactive about your tax return filing can ease the process significantly. Gather all your necessary documentation, such as your W2, 1099, or 1098 forms. Keep track of your expenses and contributions that can provide tax deductions or credits.
In closing, filing your tax return does not necessarily need to be a costly endeavor. By utilising the free resources available and keeping organized financial records throughout the year, you can take control of your taxes and potentially save yourself some money in the process.