It’s a piece of actual news that most of the taxpayers can early start their federal tax returns using the IRS Free File from 10th of January 2020 that is much before the IRS officially announces the tax season on January 27, 2020.
According to the IRS, the taxpayers who have a gross income of $69,000 or lesser in 2019 can do their taxes opting for the IRS Free Filing early and the Free File provider will submit the return on January 27 and start processing tax returns.
As per the calculations, Free File has served nearly 57 million taxpayers since 2003 and with a conservative of $30 tax preparation fee.
Essentials of IRS Free File
1. IRS Commissioner Chuck Rettig said, “ the Free File online products offer federal tax returns preparation, a free deposit of refunds and free electronic filing, all mainly inclined to help the taxpayers get their money faster.” He further added, “ The IRS has worked and improved the Free File program for the year and we are encouraging the taxpayers to visit the official site of IRS and consider using the Free File option this tax season.”
2. According to The IRS, 1040Now, Inc., FileYourTaxes.com, Free tax Returns.com, H&R Block, Intuit, On-Line Taxes, TaxHawk, TaxSlayer and ezTaxReturn.com ( English and Spanish) are some of the Free File partners for 2020.
3. Internal Revenue Services and Free File Inc., the tax software providers associated for public-private partnership for the IRS Free File. The Free File is available at both IRS.gov and FreeFile.
Protections under the IRS Free File program
Before you go for filing your tax returns, you need to know some of the protections under the IRS Free File program that will help you to file easy and safe:
1. Free federal tax return: You will not be charged with any preparation or e-filing fee of your federal tax return if you qualify for a Free Federal tax return offer.
2. Be careful of your choices: Each company has guidelines suggesting to visit the IRS official website when you don’t qualify for the company’s Free File offer. So, in case you don’t find yourself qualified for a specific company’s offer, you can visit the IRS.gov and select another company to seek another Free File offer online.
3. Avoid unnecessary fees: You don’t need to pay any fee except the tax preparation fee and sometimes the fee for not qualifying for the federal return offer. You should not fall for any promotional rebates or any kind of selling activity on the Free File company’s website.
4. Any bank product fee should be ignored: You should not be offered any Bank anticipation loan or bank anticipation checks as a part of Free File.
5-Know the possible charges on state return: Make sure to read each company’s policy for state returns and charges, some Free file online products offer free state tax preparation, as well as some of them, charge the state fee. Know every bit before filing.
6-Help yourself when required: If you find any difficulty in Free File, you can visit the company’s customer services and ask for solving your queries. The IRS also has a Free File online tool to help you solve all your queries.
Now that you have all the essentials and you are updated with the necessary protections, you can now file your taxes using the IRS Free File. Here’s how the Free File works:
1. Visit IRS.gov/freefile to see all the Free File options on the website.
2. Start browsing every offer and use the ‘lookup’ tool to find the right product for you. If the taxpayer’s gross income is $69,000 or less, they will find one free product to use.
3. You can easily select a provider and then proceed to their web page to begin a tax return.
4. If you have all deduction and income records, you can complete e-filing your tax return by selecting direct deposit. It’s quite preferable to get a refund if you file electronically.
Free File allows the use of any digital device, be it a computer, tablet or smartphone. You can easily do your taxes on your phone and it actually makes the process easy. Most of the companies provide special offers for military personals who are active or retired and earned $69,000 or less. These taxpayers can choose any participating Free File provider without worrying about the company’s eligibility standards. Moreover, Free File is also valuable for first-time tax filers, younger taxpayers, retirees and all the families seeking to save some money. Also, the IRS offers Free File Fillable Forms which is basically the electronic version of IRS paper forms. But the IRS Free File Forms will be available from January 27 to October for all the extension filers.
Free File is another way to provide tax preparation options to the taxpayers provided by IRS. If the taxpayers need to know more, they can visit volunteer sites like Volunteer Income Tax Assistance program or Tax Counselling for the Elderly offered by AARP. The taxpayers using phones and tablets can go to the IRS or Free File’s official website or they can use the IRS2G0 app and get all the required information.