| Looking for a way to reduce the cost of
| |
| | TaxEngine -- $9,200
|
| income taxpreparation this year? Then you
| |
| | Only one vendor allows you to qualify if
|
| came to the right place --maybe!
| |
| | your incomeis above a certain amount. is
|
| The IRS has launched a new program this
| |
| | free if yourincome is greater than
|
| year -- it's called
| |
| | $50,000.
|
| "Free File", and it enables you to
| |
| | 2. Age -- if you are above or below a
|
| prepare and e-file yourpersonal income
| |
| | certain age,you qualify.
|
| tax return online for free.
| |
| | TaxBrain -- age 50 or older
|
| But, alas, there is no free lunch and
| |
| | OnLineTaxes -- age 20 or younger
|
| likewise this
| |
| | 3. State of residence -- if you happen to
|
| "free" program isn't really free for
| |
| | live inone of the following states, you
|
| everyone. You haveto meet certain
| |
| | qualify.
|
| eligibility requirements to take
| |
| | -- Arizona, Georgia, Michiganor --
|
| advantageof Free File, so read on!
| |
| | Illinois, N. Carolina, Ohio or
|
| Simply put, Free File is a new government
| |
| | Georgia
|
| program thatenables certain qualifying
| |
| | And there's one more: lets all
|
| individuals to both prepareand e-file
| |
| | Active Duty Military personnel file for
|
| their income tax returns for free --
| |
| | free.
|
| online.
| |
| | Here's a few points to keep in mind.
|
| The IRS has entered into a partnership
| |
| | First, you still have to prepare the
|
| with 17 privatetax software companies who
| |
| | returnyourself, and you have to do it
|
| each offer their services tothe public at
| |
| | online at the websiteof each software
|
| no cost.
| |
| | company. So, the point here isobvious:
|
| But here's the catch: not everyone
| |
| | Free File is a viable option
|
| qualifies, and eachof the 17 software
| |
| | fordo-it-yourself-ers only.
|
| companies has different
| |
| | If you're not inclined to prepare your
|
| eligibilityrequirements.
| |
| | returnyourself, Free File is not for you.
|
| Generally speaking, lower income people
| |
| | Second, you must use the vendors
|
| qualify, asdo people of certain ages and
| |
| | web-basedtax preparation software and you
|
| those who live in certainstates.
| |
| | also must e-file rightfrom the vendor's
|
| (Gee, sounds confusing, doesn't it? Guess
| |
| | website. Maybe you've been usingone
|
| that's whyit's a government program.)
| |
| | particular software for awhile -- your
|
| There are 3 main requirements. You only
| |
| | softwarecompany may not even be in this
|
| have tomeet one of these criteria to
| |
| | program, so you'llhave to learn a new
|
| qualify:
| |
| | program, which may not be worththe extra
|
| 1. Income -- if your income is below the
| |
| | time.
|
| followingamounts, you qualify. Take note:
| |
| | Third, and most importantly -- all this
|
| there are severaldifferent qualifying
| |
| | hype about
|
| amounts, depending on thesoftware vendor.
| |
| | Free File is really a mute point if you
|
| TurboTax -- $27,000
| |
| | don't qualify.
|
| -- $28,000
| |
| | And most middle-class and upper-class
|
| H&R Block -- $28,000
| |
| | folk don'tqualify.
|
| TaxBrain -- $12,000
| |
| | If you make more than $50,000 and happen
|
| CompleteTax -- $33,000
| |
| | to like
|
| -- $28,000
| |
| | TaxACT.com, you're in business. Or if you
|
| -- $30,000
| |
| | happen to livein one of 7 states, you're
|
| -- $30,000
| |
| | also in luck.
|
| TAX$IMPLE -- $28,000
| |
| | Otherwise, this program is probably more
|
| -- -- $40,000
| |
| | for yourchildren than for you.
|
