It's tax season! This may not be the most exciting time of the year, but submitting our federal tax returns is a critical part of our civic duty. Taxes help fund the programs and resources we require in a modern society, such as social welfare programs, infrastructure maintenance, education, and much more. File Your Return for Free with the IRS Taxes may not be new, but modern technology has made taxes easier than ever. The IRS now offers simple and secure ways to file your tax returns online, including Direct File and Free File. Direct File: Direct File is a new tax filing service introduced by the IRS that allows eligible taxpayers living in certain states to file their federal income tax returns for free, directly with the IRS. Currently launched as a pilot program, the IRS is encouraging participants from 12 states to test out the new online platform. Taxpayers filing simple federal tax returns in Arizona, California, Florida, Massachusetts, New Hampshire, New York, Nevada, South Dakota, Tennessee, Texas, Washington, and Wyoming can access free step-by-step tax prep with live online support. Direct File is available in both English and Spanish and there is no income limit to participate. Check Your Direct File Eligibility Free File: IRS Free File is a public-private partnership that lets qualified taxpayers prepare and file federal income tax returns online using guided tax preparation software. It's safe, easy, and free. Unlike Direct File, Free file is only available to those who earned less than $79,000 in the relevant tax year. Those who don't qualify can still use Free File's fillable forms, but they will not be able to submit their returns through the commercial tax prep software for free. Learn More About IRS Free File Discover Tax Credits Tax credits and deductions are available to eligible taxpayers to help either lower your tax bill or increase your refund. These credits relate to a variety of life events and scenarios, including dependent care, healthcare, home expenses, work-related expenses, and more. The most common credits that may benefit taxpayers include the Earned Income Tax Credit (EITC) and the Child Tax Credit. Earned Income Tax Credit: The Earned Income Tax Credit helps low- to moderate-income workers and families get a tax break. To claim this credit, you must have worked in the relevant tax year and earned less than $63,398. Check if You Qualify Child Tax Credit: The Child Tax Credit is critical for families with children, and can be applied to each qualifying child in the home. To qualify for this credit your child must be under 17 years of age, have lived with you at least half the year, and was claimed properly as a dependent in your tax returns. New Credits from the Inflation Reduction Act Following the Inflation Reduction Act of 2022, the federal government now provides new and extended credits and deductions for individuals and businesses. These new credits focus heavily on improving an individuals' credit and providing incentives for energy-efficient vehicles and home improvements. Find More Tax Resources from IRS Filing your taxes may not be fun, but there is support available to ensure you can file your returns securely, efficiently, and correctly. If you have questions about your federal income tax return, check out the IRS Help Center. They have support available online, by phone, or in person. |
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