When the annual tax filing season rolls around, many people immediately start worrying about the financial cost associated with filing their taxes. While there are plenty of professional tax services available that will charge you a fee, it’s not necessary to spend money to get your taxes done. Believe it or not, you can file taxes for free. Yes, for absolutely no cost!
Why File Taxes for Free?
Everyone is required to file their annual tax return, but not everyone has extra money in their budget to pay for the process. By taking advantage of free tax filing opportunities, you can ensure you’re fulfilling your civic duty without straining your budget. Plus, it’s a great way to take control of your financial health and familiarize yourself with the ins and outs of the tax system.
Who Can File Taxes for Free?
Firstly, it’s essential to understand that not everyone qualifies for free filing. Typically, this option is available to people who have an Adjusted Gross Income (AGI) of $72,000 or less. However, some services may have more strict criteria, and others may even provide free filing options for people with higher income levels. Always double-check the requirements before starting to ensure you can file taxes for free with that service.
How to File Taxes for Free?
Now, let’s dive into the steps necessary to file your taxes for free.
Step 1: Gather Your Documents
Before you start the process of filing your taxes, gather all necessary documents. This includes your W-2 form from your employer, any 1099 forms from banks or other financial institutions, and any other relevant documentation relevant to income or expenses.
Step 2: Choose a Free Filing Service
There are several online tax services that offer free filing options. Some popular options include IRS Free File, TurboTax Free File, and H&R Block’s Free File. Again, make sure to check the criteria to ensure you’re eligible for the free service.
Step 3: Create an Account and Start Filing
Once you’ve chosen a service, you’ll need to create an account. Then, you can start the process of filing your taxes. Most services guide you through the process step-by-step, making it easy to input your information correctly.
Step 4: Review Your Return and Submit
After you’ve inputted all your information, it’s crucial to review your return thoroughly. Ensure that everything is correct and complete before you submit. Also, be sure to check the box that asks if you’ve reviewed your information. This step is vital because the IRS can reject your return if it has incorrect or incomplete information.
Conclusion
Filing your taxes doesn’t have to be a costly endeavor. With several free tax filing options available, you can tackle the task without spending a dime. Just make sure to gather your documents, choose a free filing service, and thoroughly review your return before you submit. With these steps, you can successfully file your taxes for free.