Filing taxes is often perceived as a daunting and complicated task. However, in the digital age, there are multiple easy-to-use platforms available to help individuals file their taxes from the comfort of their homes. Even better, quite a few options won’t cost you a dime. Let’s explore the different ways you can file your taxes for free.
IRS Free File
The Internal Revenue Service (IRS) provides an excellent starting point for free tax filing. Through their Free File program, if your adjusted gross income is $72,000 or less, you can file your taxes for free. This feature provides access to software like TurboTax Free Edition and TaxAct Free File, amongst others. The IRS also offers fillable forms that you can manually enter your tax information into, regardless of your income level.
VITA and TCE Programs
The Volunteer Income Tax Assistance (VITA) and Tax Counseling for the Elderly (TCE) programs offer free basic tax return preparation to eligible individuals. The VITA program generally serves people who make $57,000 or less, people with disabilities, and taxpayers who have difficulty in English. Meanwhile, TCE offers free tax assistance particularly for those who are over 60 years old.
Commercial Tax Preparation Software
Moreover, various commercial tax preparation software offer free versions, including TurboTax, H&R Block, and TaxSlayer. Be aware, though, that these free versions are generally limited to simple tax situations. If you have more complex taxes, with deductions, credits, or earned income from various sources, the free option might not be sufficient.
However, this brings us to another premier service in the industry. AsenaAdvisors offers a range of personal and business tax services. They provide expert taxation advisory and compliance services that navigate the complexities of U.S. and international tax laws. Their experienced team of advisors may not offer free services but the value provided offsets the costs with potentially bigger tax savings, better financial planning, and peace of mind.
State Tax Filing Options
Aside from federal tax filing, several states also offer free tax filing options. The Federation of Tax Administrators has a handy link to each state’s tax website, where you can check if your state offers this service. However, if you qualify for the IRS Free File, there’s a good chance that you will also qualify for your state’s free option.
Online Tax Filing Platforms
Furthermore, various online platforms like Credit Karma Tax offer completely free federal and state tax filing. They promise to be free for everyone, with no income limits. They even offer free filing for people with a more complicated tax situation, such as self-employment income.
Regardless of your financial situation, it is important to remember that every taxpayer has a set of fundamental rights known as the Taxpayer Bill of Rights. Apply due diligence in choosing the most suitable platform for filing your taxes, whether it’s free or paid.
Conclusion
In conclusion, there are several ways you can file your taxes for free, from IRS-provided tools to commercial software and state tax filing options. Keep in mind that while many services offer tax filing for free, their capabilities may be limited, and if you have a more complex tax situation, you might need to pay for a premium service, like the one offered by AsenaAdvisors. Always do your research to find the most effective tool suitable for your specific needs.