The last thing you want to do when figuring out how much you owe Uncle Sam is figuring out how much you’ll owe someone to do that figuring for you.
Worry not! You might me eligible for free tax filing options, be it from online tax providers or even real, human tax professionals.
But you’ll need to engage in some due diligence — and you’ll want to read on as we talk about some free tax filing alternatives.
So to help out, we’ll take a look at some of the various free tax filing alternatives available.
Free Tax Filing … No Really, It’s Free!
Typically, when you hear that an offering is “free,” there’s a catch. Well, despite the fact that the IRS isn’t exactly known for big, fuzzy surprises, it pulls through here: Free, with taxes, can actually just be free.
The Internal Revenue Service is joined with a number of trusted tax preparation providers — including H&R Block (HRB), Intuit (INTU – TurboTax), Blucora (BCOR – TaxAct), Jackson Hewitt and TaxSlayer — in a nonprofit coalition called the Free File Alliance, which is dedicated toward helping taxpayers organize and file their federal tax returns. These services help millions of people save a couple hundred bucks each on this annual ritual.
Free filing is available to those who have adjusted gross income (AGI) of $62,000 or less. But you still need to read the fine print for each of the tax preparation providers. For example, the AGI threshold for TurboTax is $31,000 unless you’re in the U.S. military, in which case the limit is $62,000. However, TurboTax offers free federal and state tax filing.
Check the details for each of the free tax filing providers at IRS.gov. And when you do find an option that looks best for you, navigate to it via the IRS’ site, as that will direct you to the truly free options and keep you mostly shielded from paid options.
Not So Keen on Technology?
Even though online tax preparation services are very popular, there are still quite a few people who prefer to work with qualified tax preparers.
That’s just fine. You’ve got options for free tax filing as well.
One is the Volunteer Income Tax Assistance program, through which IRS-certified tax professionals volunteer their time to help prepare and file basic returns for “people who generally make $54,000 or less, persons with disabilities and limited English speaking taxpayers.”
The IRS also has the Tax Counseling for the Elderly program, which provides free counseling to anyone who wants it, but specializes in retirement issues, making it a best fit for those age 60 and older.
Both programs are usually at community locations like libraries, schools and even shopping malls. You can learn more at IRS.gov.
Note: Tax Filing Deadline
Whether you’re enjoying free tax filing or have to pay out of pocket, the deadline is not the traditional date of April 15. Because Washington, D.C. celebrates Emancipation Day on Friday, April 15, the deadline will be pushed back to April 18 for most people, and April 19 for those in Maine and Massachusetts thanks to Patriots Day.
But do yourself a favor: Don’t procrastinate so long that you need to worry about either of those dates.
Tom Taulli is an Enrolled Agent (the highest designation for the IRS) and the founder of BizDeductor, which offers services and apps to help save a bundle on taxes. He is also the author of High-Profit IPO Strategies, All About Commodities and All About Short Selling. Follow him on Twitter at @ttaulli. As of this writing, he did not hold a position in any of the aforementioned securities.
