Paying taxes can be a financial burden, but there are ways to ease the strain without sacrificing quality. Whether you’re a high school student earning income from a part-time job or a college student with more substantial earnings, finding cost-effective options for tax filing can make a significant difference. Here are some alternatives that won’t break the bank:
- IRS Free File: The IRS Free File program is now open for the 2024 filing season. You’re eligible for this program if your adjusted gross income (AGI) in 2023 was $79,000 or less. It offers free tax software from trusted partners, ensuring the secure handling of your information.
- Online Free File Software: Trusted providers like TurboTax Free Edition, H&R Block Free Online, and TaxAct Free Edition offer free versions for straightforward tax returns. Make sure you meet their specific eligibility criteria before using their services.
- Volunteer Income Tax Assistance (VITA): VITA provides free tax assistance and basic income tax return preparation through IRS-certified volunteers. It’s designed for individuals earning $60,000 or less, including those with disabilities, language barriers, or senior citizens.
- Military OneSource Free Software & Support: Military members and qualified family members can use MilTax, a free tax software with personalized assistance from military tax experts, especially tailored for complex situations.
- Tax Counseling for the Elderly (TCE): If you’re 60 or older, TCE offers crucial free tax assistance through on-site counseling at convenient locations. It operates year-round to provide accessible help.
While these options can save you money, staying informed about eligibility criteria and potential fees that might apply in specific situations is essential. Also, explore your state’s Department of Revenue or Taxation website for state-specific free filing options. Always check for the latest updates from the IRS or relevant tax authorities………[read more]
How can understanding cost-effective tax filing options benefit individuals?
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