Share Economy

Tuesday, Oct 29th

Last update:10:58:42 AM GMT

You are here: Personal Finance Taxes File Your Taxes For Free

File Your Taxes For Free

File Your Taxes For Free

Taxpayers with simple returns now have numerous new ways to file federal taxes without having to pay so much, from tax prep firms to filing online IRS forms. These tax filing options whether online or through tax prep firms, not only complete the hard work for taxpayers but also save their valuable time and money. According to a survey conducted by National Society of Accountants (NSA) in 2011-12, the average cost of an itemized form with a Schedule A and a state tax return was $233, which was 1.7 percent more than what recorded in 2009. The same tax preparation cost in case of non-itemized taxpayers during the same period was $128.

As free tax filing options is growing day-by-day, IRS has started to offer free tax-paying software and tools for both low and middle-income taxpayers to file their taxes for free. Many software companies are also offering their various products through the IRS site. Taxpayers earning $57,000 or less can e-file their individual tax returns without spending any money. Through the IRS Free File service, by answering some simple questions regarding their income and location, they can easily select from a list of companies offering free tax prep software and e-file their tax return totally free of cost.

Another one of the resources for free, for individuals earning less than $57,000, is the Fillable Forms provided by IRS, which are actually the electronic versions of the IRS paper forms. Regardless of income, anybody can take advantages of online Fillable Forms and this option is appropriate for individuals who are comfortable with calculating their own tax returns but need fast and easy way to e-file their returns. Various Walmart stores also offer preparation of 1040EZ forms for free which can be used by single or married individuals getting less than $100,000 from last year.

Apart from the free tax filing programs, IRS also provides free help to taxpayers over the phone, especially senior citizen or persons with disabilities or individuals with trouble speaking English. For that purpose, AARP volunteers from IRS are offering their services in-person for free covering over 6,500 locations. Since 1990, individuals have been e-filing their tax returns securely and safely with IRS Free Filing programs or Fillable Forms.