Benjamin Franklin wrote, "...in this world nothing can be said to be certain, except death and taxes" and we don't know if truer words have ever been spoken.
It Is Easier to File Your Federal Taxes Than You Think
Now that we are in the midst of tax season, you may be trying to figure out the best way to go about filing your personal income taxes with the Internal Revenue Service but for many, it may be easier than you think.
Make $73,000 or Less Last Year in Adjusted Gross Income?
For those with an Adjusted Gross Income of $73,000 per year or less, the IRS offers free guided federal tax preparation for those needing to file their taxes. The available services allow taxpayers who qualify to use simple to answer questionnaires that offer guided prep that calculates the math for you.
Make More Than $73,000 in Adjusted Gross Income?
For those who make more than an Adjusted Gross Income of $73,000 or those who are comfortable making the calculations themselves, regardless of income, the IRS also offers free filing utilizing electronic federal tax forms. In addition, the IRS warns that there may be some filing fees associated with some state tax preparations.
The IRS Has Partnered with Providers to Offer Free Filing
The IRS offers several options for Free File providers, but you do have to start directly from the IRS website to take advantage of the offers.
Here are the steps according to IRS.gov,
- You must begin your filing option at IRS.gov. Going directly to a company’s website will result in not receiving the benefits offered here.
- Choose an IRS Free File option, guided tax preparation or Free File Fillable Forms.
- You will be directed to the IRS partner’s website to create a new account or if you are a previous user, log in to an existing account.
- Prepare and efile your federal tax return.
- Receive an email when the IRS has accepted your return.
What You Need to Get Started
Before you get started, you'll want to make sure that you have last year's tax return in hand as well as a valid social security number for you and your spouse or dependents if you have any. You will also need your W2 from your employer and other income and receipts if you have them.
To learn more about utilizing the IRS Free File preparation and other documents you may need to have on hand, visit IRS.gov.