Filing your tax returns is tedious, unnecessarily complicated, and surprisingly expensive. Unfortunately, filing your tax returns is not an optional activity here in the U.S. It is mandatory with the consequences of not doing so being fines and penalties. You’ll be happy to know, however, that filing your taxes does not have to be costly. In fact, you really don’t have to pay for tax filing preparation services. Before we can discuss where to file your taxes for free, let’s get an important topic out of the way.
What Is Your AGI?
Your Adjusted Gross Income (AGI) is your gross income minus your income adjustments. Adjustments include tax exempt income. A good example of tax-exempt income are interest payments from municipal bonds. The AGI is popularly used to determine taxpayers’ eligibility for federal and state benefits. It is also used to determine if you are eligible to file your tax returns for free. It’s important to remember that in most cases your AGI will not be the amount reflected on your W2. In more cases than not, it will be lower.
Where To File Your Taxes For Free
The Internal Revenue Services
Similar to other tax return filing software, the IRS has their own tax preparation software. This free guided service is available for anyone with an AGI of $73,000 or less. Additionally, the taxpayer may get their State tax preparation done for free (if applicable). Find out more about the IRS free tax preparation services [HERE].
Volunteer Income Tax Assistance
The VITA is an IRS program that offers free tax returns to individuals who meet a certain criterion. To qualify for this program the taxpayer must either make less than $60,000, have a disability or are limited English-speaking. Find out more about the VITA free tax filing services [HERE].
Tax Counseling For The Elderly
The TCE is a program offered by the IRS that is similar to that of the VITA. The difference between the two programs, however, is that TCE caters exclusively to taxpayers over 60 years of age. This is because the program specializes in pensions and retirement taxes. Find out more information about the TCE [HERE].
If you haven’t filed your taxes and are eligible for any of the above programs, you can take advantage of the opportunity. If I missed anything let me know below where to file your taxes for free.
If you enjoyed this blog, consider joining the family of over 700 readers by subscribing below!