If your income is below a certain threshold, you could be filing your taxes for free
Did you know that when surveyed, 46% of Americans reported using tax software in previous years? This means that nearly half of Americans are shelling out money for an easier way to do their taxes. And we get it! Taxes are complicated — who wants to sit for hours going through paperwork and crunching numbers?
But did you know that you could be getting help filing your taxes at no cost to you?
Here are some hidden tips that the majority of Americans do not know about when it comes to filing taxes for free.
1. Use the IRS Free File
Did you know that the IRS offers free help in filing your taxes? If your AGI (Adjusted Gross Income) is below $73,000, you can apply and use this program at no cost to you.
More than 65% of Americans can use the IRS Free File, but only a fraction of them actually do so.
The IRS Free File opens in January of 2023. We recommend you check it out as soon as possible and get your taxes filed well before the deadline to avoid potentially missing out. If your tax situation is relatively simple, you meet the income threshold and want tax services for free, then we highly recommend using the IRS Free File.
Hot Tip: The IRS makes it easy for millions of Americans to file taxes with their help. Be sure to check it out and get help on taxes.
In addition to using the IRS Free File, the IRS has another program called Volunteer Income Tax Assistance (VITA). It’s available to all Americans earning less than $60,000, persons with disabilities, and limited English speakers.
VITA also connects volunteers who are IRS and tax return certified with people who need assistance in filing their taxes.
Be sure to check out all of the necessary documents and read up on VITA here to get additional information and see if you qualify.
Check out our article on tax loopholes you will want to be aware of before filing!
3. Using Free Versions of Tax Software
While simple, there are free versions and trials of paid programs that you could use to get assistance in filing your taxes.
If you do decide to go the free route, be sure to read the fine print and do your research before inputting your information.
Filing taxes is a complicated process but it doesn’t have to be. Many free options are available, including some provided by the IRS if your income is below a certain level.
Be sure to do all your research before choosing free software to ensure that it’s a legitimate option.