As tax season approaches, many of us might find ourselves dreading the task of gathering documents and preparing to file. However, this process doesn’t have to be as painstaking as it’s often perceived. Below are some useful tips for filing taxes online.
GUIDE TO FILING TAXES ONLINE FOR FREE
Are you aware that you can complete your tax filings online, free of charge? The IRS provides an online platform, the Free File, where you can find readily available federal forms. The platform segregates users into two categories – those earning below $62,000 annually, and those earning above.
The Free File platform provides guidance on how to utilize their free service, the impact of the healthcare law on your taxes, user manuals, a help section, and an introductory page for beginners. Essentially, it equips you with everything you need to file your federal taxes at no cost at all.
For those making under $62,000 a year, the Free File platform directs you towards free tax preparation software aiding your filing process. Certain state returns might also be free. If your income exceeds $62,000 per annum, you may use free, fillable, electronic versions of the forms. However, this requires some prior knowledge on tax filing. Basic guidance is available, but state tax preparation is not included.
Want to make tax filing online more affordable? Here are some tips to help you!
EXPLORING WEBSITE SOFTWARE
Numerous websites, apart from the IRS, offer online tax filing. TurboTax is one such popular resource, renowned for its user-friendliness. A competitor that also provides great service is H&R Block. Though it might necessitate a bit more effort from you, H&R Block can be a cheaper alternative to TurboTax.
TaxAct provides another notable platform. It allows everyone to file federal returns for free and also provides premium services for those with more complex filing needs, such as homeowners, freelancers, and investors.
THE BENEFITS OF ONLINE TAX FILING
A significant benefit of self-filing taxes online is that it can save considerable money on tax preparation costs. Nonetheless, hiring a tax specialist might result in a higher return due to their expertise. Hence, it boils down to what’s more critical for you – saving time or money.
What’s your preferred method of filing taxes? Online? In person? Or using computer software?
