It can be pricey to file your taxes. You either pay a full-fledged accountant or go to one of those mall pop-ups when tax season hits and it feels bad to have to pay money to pay the government. Luckily, there is Free File Income tax.
What is Free File Income Tax?
Free File Income tax is the IRS’ solution to lower costs when it comes to filing your annual taxes. It makes the whole process much easier and more accessible, regardless of what your income or time looks like.
You can prepare and file your federal income taxes using their online software. They have fillable forms which make it easier to help you get your taxes filed from the comfort of your home.
How Does Free File Income Tax Work?
Free File Income Tax depends on your income, but the IRS’ website says that approximately 70 percent of Americans will be able to use it. There are two things that Free File provides, either software with free efile or, for those not eligible, they have fillable forms that you can use on your own.
To use the system you simply:
- Go to the website
- Review their offerings and see if your eligible
- If you are, you’ll go to the Vendor’s site to get access to the free software
Once you’ve got the software you’ll need an email address, the proper year’s tax return and the documents you’ll need to do your taxes. If you’re looking for more detailed information, you can head to the IRS website or check out their infographic.
What Are The Downsides to Using Free File Income Tax?
While it’s awesome that you can file your taxes online for free using Free File, it’s not all butterflies and roses. There are a few downsides that you’ll want to consider before you jump online to file your taxes.
1. Only Federal Taxes
You can only file your federal taxes using Free File. That means that you’ll have to file your state taxes separately. So, at the end of the day, you might still end up paying money to have someone else do them.
2. You Need To Know How To Do Your Taxes
While the system does have some help built in, you still need to know how to do your own taxes. This is really where the value of paying someone else comes in. The system also only does basic math, so you might need to provide some assistance in that area as well.
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