Filing taxes can be a burden for most people. If you don’t have accurate records it can be a nightmare. The best way to file your taxes is to stay organized. File all receipts, paperwork or possible paperwork related to personal and business expenses and tax deduction in one folder.
The main expenses to keep track of are: all business income and spending, home office expenses, retirement contributions, student loan interest, energy efficient upgrades, real estate purchases or sales, charitable donations, contributions to college savings plan, and capital gains.
Some taxpayers are eligible to file their taxes for free. Here are 4 ways to file your taxes for free.
1. Free Software. If your adjusted gross income is $57,000 or less you can use free tax software such as: Turbo Tax, Free TaxAct, Tax Slayer or H&R Block’s Free File.
2. Use Free Forms. Anyone can use free file fillable forms from freefilefillableforms.com. The site provides online versions of paper federal tax forms.
3. File Electronically. Efile (electronically) your tax return for free by using direct deposit or pay your taxes online for free.
4. Paper forms. Use paper tax forms to file your taxes and mail them to the IRS. The only cost is postage.
You can get your taxes prepared for free using the IRS Volunteer Income Tax Assistance (VITA) program or the Tax Counseling for the Elderly (TCE) programs that. VITA prepares taxes for people who make $50,000 or less. Call 1-800-906-9887 to get more information.
TCE offers tax help for people 60 years old or older at 1-888-227-7669. You can also visit an IRS volunteer at a self-assistance service site to get free tax preparation. Visit the IRS website to find a facilitated self-assistance site.
2 comments:
Usefull and timely.
Hi,
IRS now offers a list of websites that allow taxpayers to electronically prepare and file their income tax returns for free. They will allow you to put in all major forms of income and take the usual litany of deductions, specific place for them in these programs. Thanks a lot...
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