NBC 5 Responds looked into options tax filers can consider to cut the cost when doing their taxes.
Every tax season millions of taxpayers will spend money to file their return when they may not have to. The National Taxpayer Advocate has estimated around 70% of taxpayers are eligible to use IRS Free File. Only about 2% do.FREE FILE OPTIONS ONLINEwhere they can pick a third-party software program to prepare and file their federal income tax returns for free.
“It does the math for you,” said IRS spokesperson Clay Sanford. “In the past and even with people who still do paper returns, that is still the number one issue with returns: math errors. So, the computer is going to do the math for you.”. When you open the app, look at the menu at the bottom and click on the “free tax help” option to find Free File.
If you don’t meet any of the income requirements, you can still use the IRS’ free fillable forms. It does some basic calculations but doesn’t give step-by-step instructions like tax-guided software. “This is more suitable for people who are into DIYing their taxes and know how to fill them out,” said Elizabeth Ayoola, NerdWallet Personal Finance Writer. “You're not going to get much guidance with that, but it's a free, fillable form that you can find on the IRS website. You can basically even file your taxes for free using that.”The Volunteer Income Tax Assistance or VITA program is for people who make $64,000 or less, people with disabilities or taxpayers who speak limited English.
The Tax Counseling for the Elderly or TCE program offers free tax help to people 60 and older. If you’re filing a joint return, as long as one spouse meets the 60 or older threshold, you’re eligible. When looking for a TCE site, the IRS says most are operated by the AARP Foundation's Tax Aide program. To locate the nearest site between now and April, useAs you check out sites, you may see the words"Self-Prep" in the listing.
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