Instead of securing the services of tax consultants and accountants, why not try figuring out how to file your tax returns for free.
It was recently found out that the government has a program that is available to the public which allows you to file your tax returns free of charge, as long as you comply and meet certain requirements. However, each state is different so it would be advisable to check with your local Internal Revenue Department. According to the IRS website, the Internal Revenue Service partnered with the Free File Alliance LLC in order to provide taxpayers with free preparation of a person’s federal income tax as well as the electronic filing of tax returns. Free File Alliance is composed of a group of tax companies that belong to the private sector.
According to the program, the free tax software will include file preparation support of Federal tax returns. Do note, however, there are companies who offer services in state tax preparation, though several fees might apply. Use of the free software is applicable only to taxpayers whose gross income ranges from $56,000 or less starting 2008. Questions found in the online form are short and straight to the point. It also covers the Federal tax forms and schedules that are most commonly filed. Another advantage to this online filing of tax returns is that the software does all the math for you, thus you are able to benefit from the Free File company’s accuracy checks. A quick confirmation will then be sent to you within forty eight hours after your return has been received by the IRS. Also, should you require a refund, the software includes a Federal e-file program that lets you get your refund within ten days through Direct Deposit.
On the other hand, if you want to fill up the forms manually, but choose to file them online, the IRS website has a link for this purpose. I will show you blank IRS forms which you will choose depending on your taxpayer classification, and then electronically file your tax returns in the system. What is nice about this program is that there are no income limitations. It has basic calculation capacity and it covers most of the Federal tax return forms and schedules that are commonly filed.
A word of caution in using any online programs. Make sure that the website is safe and secure before filling up personal information questions.