The most dread and stress for every American is nearing tax season every year. You have to be drifted away by the worry of high tax bills for the year, and even if you have tax returns, it is even more stressful to get all the documentation in place before the right time so that you do not miss out on any. Speaking of the tax season, it is nearing its way for the the record year 2019, as it begins officially on 27th December 2020, giving everyone quite a little time to get their documentation in place.
The beginning of every season is when the IRS starts accepting the processes of tax filing and VAT returns. Usually, you have time until April to wind everything up, but who wants to wait that long for a tax return or under the dread of paying huge sums quickly?
The tax season of 2020 doesn’t only bring stress and bad news; this time, the IRS has signed deals with multiple companies to prepare free returns electronically. This will ease the process of filing and figuring out how much you have to pay by facilitating you through the internet at home.
What Is The Free File Program?
It was initially introduced as early as 2003 and has been recorded as having filed tax forms worth nearly $60 million, which is a reasonably impressive amount for a single method overcoming the obstacles that will be covered in the latter writing.
The breakthrough update for the tax season of 2024 is that the IRS has now integrated the free filing system onto its website, which can be accessed by opening the official website of the IRS and going to the free file section or simply by entering “IRS.gov/freefil” in a search engine. It will be available completely free of cost for all taxpayers with a gross income of less than $69,000. It has become online functional since the noon of 10th January, just a while before the beginning of the new tax season; the only catch remains that the taxpayers won’t be able to process their tax files until the official beginning of the new tax season.
Which Companies Are Participating In The Free File Program?
Even after introducing such a user-friendly platform for the processing of taxes, knowing which companies are participating still remains a technical task for many taxpayers. It has been made even easier this year since the IRS has integrated its partner companies into its official website; you can find the list of all companies on the official IRS page in the free file section, which has been mentioned above. Once you find the company you have been looking for and click on it, you will be automatically navigated to its website, where you can start processing your taxes. The eligibility criterion varies from company to company as each has its own income, state, or age requirements.
What Is Different About The Free File Program In 2024?
This year, the IRS has prohibited all companies from continuing these practices under the free file program and also removed any or all coding that prevents their website from being shown on search engines. Moreover, the companies have been held under a regulation to include a link to the official IRS free file program to direct the taxpayers who are not eligible under the criteria of the specific company. This gives the taxpayers a chance to toggle through other companies from the list to determine their eligibility for tax planning from different companies.
