An agreement between a group of private companies that produce tax filing software,the Free File Alliance, and the IRS has made it very easy to file your taxes. The companies have availed their software to be used at absolutely no charge. This has resulted in over 40 million people turning to filing taxes electronically because of the ease and safety associated with this method. When you file your returns electronically, you also benefit from being able to receive your refund faster than those who have to go through a lot of paperwork.
In order to use the Free File software, you need to visit the IRS website (www.IRS.gov). Here, you will have to choose the preferred program for preparation, printing and filing of your taxes returns.
The free File software employ numerous techniques to help you accomplish the task. The use of questions and answers is a very common technique used in order for the software to determine the tax forms to be use before it goes ahead and computes the required calculations. This way, you can also identify tax breaks and tax credits that can be claimed.
In case your revenue for the previous year was less than $58,000, you can use TurboTax 2014 or Free File forms for anything above that.
When you use Free File, you can easily and freely request for an extension of up to six months in case you are unable to file your taxes by April 15th deadline. Check IRS Publication 17 for details. However, it is advisable to file your taxes by April 15 to avoid penalties and accumulation of interest. You can eliminate the headache and stress associated with filing taxes by choosing to use Free File. It is not only easy but quick. To find out which brand you are eligible for and any other pertinent information, visit IRS.gov/freefile.
An Important Guide On Filing Taxes Online