Posted July 29, 2013 by Sean Blackmore in Finance

How to do your federal taxes for free

Going to college obtaining your 1st job moving into your own place. To these rites of passage, add one particular more: undertaking your personal taxes. And, it doesn&rsquot have to be scary. There is in fact a simple way to do your taxes that can aid save you time and funds.

Totally free File &mdash offered at IRS.gov &mdash lets you select brand-name tax software program that does the challenging perform for you, all for free of charge. The IRS has a partnership with the Totally free File Alliance, a coalition of major tax software program organizations. About 3 million men and women use it each and every year. There is also a computer software alternative that is available in Spanish.

Free File details:

&ndash There is a Totally free File option for each taxpayer.
&ndash Free of charge File&rsquos brand-name tax computer software is accessible to those who produced $ 57,000 or much less in 2012.
&ndash Free File&rsquos online fillable forms are the electronic option to IRS paper types and have no revenue limit for eligibility.

3 measures to getting started:

Step 1: Collect your tax supplies
Gather the tax components necessary to do your taxes and log on to Totally free File by way of the IRS site: www.IRS.gov/freefile. Here&rsquos some of what you need to have:
&ndash A copy of last year&rsquos tax return
&ndash Valid Social Safety numbers for oneself, spouse and young children
&ndash All earnings statements, i.e. W-2 types, from all employers
&ndash Interest/dividend statements, i.e. 1099 forms
&ndash Form 1099-G displaying any state refunds
&ndash Unemployment compensation amount

Step 2: Decide on an choice
File your taxes utilizing Totally free File&rsquos brand-name tax computer software or on the internet fillable types. The &ldquoHelp Me Choose A Company&rdquo selection aids you pick the tax computer software that fits your requirements. The software program then aids guide you through the tax method. Fillable types are electronic and perform fundamental math calculations, and are created for men and women who are comfortable preparing their own paper tax returns.

Step 3: Prepare and e-file your return
E-file your return for totally free. No matter what choice you choose, IRS and application providers use the most present technology to make sure tax information is encrypted, so it&rsquos safe and secure when it&rsquos transmitted.

Use e-file and direct deposit:

E-filing your return and picking direct deposit are nonetheless the quickest way to get your refund. There&rsquos even an IRS smart phone application, IRS2Go, that you can use to discover out the status of your refund. You can also track your return with the &ldquoWhere&rsquos My Refund?&rdquo tool on the IRS web site.

What if you can&rsquot meet the April 15, 2013, filing deadline?

You can use either Totally free File software program or on-line fillable types to file an extension. Use Free of charge File to full and submit Form 4868. And then, return to Free of charge File by October 15, 2013, to file your return.

The Cost-free File application &mdash designed to offer a quick, secure and totally free filing selection &mdash is available on the internet 24/7, giving you the freedom to decide on when and how you do your taxes.

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Sean Blackmore