Although there are now a number of ways to file your taxes online for free through a variety of companies like TurboTax and H&R Block, the IRS is also offering a free online tax filing service. It is hoped that will millions of Americans going to the IRS.gov web site in search of answers to filing their taxes and getting a quick refund, the new “Free File” service will streamline the tax process for many.
According to the IRS, their new “Free File” service is an option for an estimated 70% of tax payers in the United States. This is because the only restriction for using the “Free File” service to file your tax return for free and get your tax refund fast is that your adjustable gross income (AGI) is $57,000 or less.
Look for the FreeFile link on the IRS.gov web site to walk through the steps to start your tax return. As you AGI may vary based on some questions asked, you may still qualify for the free tax filing program even though your gross income on your W2 tax form is higher than $57,000.
However, even if you don’t qualify to use the IRS’s FreeFile program, there are still options for you to use a free online tax filing service to get you on your way to a speedy tax refund.
As we have mentioned in previous articles, the top two online tax services are typically TurboTax and H&R Block. Both companies offer those with straight forward tax filing situations the ability to file their federal income taxes, using the IRS form 1040EZ, for free.
In addition to the convenience of filing you taxes for free, the online services also get your tax return to the IRS faster and generally result in a tax refund sooner. If you opt to have the IRS direct deposit your tax refund, most American tax filers can expect to receive their tax refund in a matter of just a few weeks.
If you are not sure if you would qualify for the free tax filing offered by TurboTax, H&R Block and other, it usually boils down to the question of which IRS tax form you will use.
The online tax services will walk you through the process by asking you some questions and will help you decide. But generally, if you work a job where you are paid a salary or hourly wage and receive a W2 form from your employer you should be able to take advantage of the free online tax filing and refund offers.
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