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Filing Your Taxes? Discover the Little-Known Free Option That Could Save You Money

As tax season approaches many are seeking ways to save money while filing your taxes. Surprisingly, a free option remains underutilized by eligible taxpayers despite its establishment in 2002. The IRS Free File program, a collaboration between the IRS and the Free File Alliance offers a cost-free solution for federal tax returns and with only about 3% of filers utilizing it last season it’s a hidden gem worth exploring.

Filing your taxes - Photo from Google

Filing your taxes – Photo from Google

IRS Free File: Filing Your Taxes

Established as a public-private partnership the IRS Free File program has flown under the radar for many eligible taxpayers. With eight partners for the 2023 filings, this initiative provides guided tax software for federal returns to those with an adjusted gross income of $79,000 or less. Despite being eligible for around 100 million Americans only a fraction take advantage of this money-saving opportunity.

IRS Commissioner Danny Werfel emphasizes the continued importance of Free File, highlighting its efficiency in claiming significant tax credits like the child tax credit and earned income tax credit. With a slight income threshold increase to $79,000 for 2023, Free File remains a viable option for those looking to simplify their tax-filing process.

Free File extends beyond just accommodating simple returns. Tim Hugo, executive director of the Free File Alliance points out that the program can handle a variety of tax situations including interest and dividends on Schedule B or self-employment income on Schedule C. Each partner may have distinct eligibility requirements ensuring flexibility for users with different financial circumstances.

READ ALSO: Growth Stock ETF: The Secret To Building Wealth With Your Tax Refund

Exploring Free File’s Versatility

While often associated with straightforward tax scenarios, Free File is more versatile than commonly believed. Despite partners not covering all federal income tax forms  the software includes the most commonly filed ones, making it a valuable tool for a broader range of taxpayers.

Free File isn’t limited to specific forms; it can accommodate various tax situations making it a valuable resource for those with more complex filing your taxes. The program even allows users to file for an extension extending the deadline to October 15, offering flexibility for those with intricate financial situations.

Amidst the complexity of tax season, Free File stands out as a user-friendly option that extends beyond the realm of simple returns. With its ability to handle diverse tax situations and an increased income threshold it emerges as an accessible and cost-effective solution for those looking to navigate the tax-filing process with ease.

READ ALSO: Average Tax Refund 2024: Why It’s Time To Rethink Your IRS Windfall

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