A friend told me she had scheduled an appointment for her taxes. I was surprised since her income isn’t high and she has no property. What a simple tax return that would be. So, why pay someone to prepare them?
I explained that I have always prepared my own taxes, and done them for free. Keep in mind that in order to file taxes for free, your income must have been less than $56,000 in 2008. I’d rather have a higher income, but if I can save money while it’s low, why not?
There are a number of websites that offer Free File, which is a simple way to e-file your federal taxes online. ClickHERE and select “I Will Choose A Company,” for a list of companies that offer Free File. I’ve used both H&R Block TaxCut Free File and TurboTax Freedom Edition in the past, and was pleased with both. The site will guide you through each step of the return. It’s so easy, you’ll wonder why you ever paid anyone else to do it.
The best part is, your refund can be deposited directly into your checking account. Direct deposit is the best and quickest option, deposited in as little as 10 days. If you choose to print and file, it could take as long as 4 to 6 weeks to receive a refund check. Once your return is filed with the IRS, a confirmation email will be sent, and you'll be able to check your refend status here: https://sa1.www4.irs.gov/irfof/lang/en/irfofgetstatus.jsp
Warning: The one way these companies will try to make your money is through State tax return filing. Skip this option and find out if Free File is available in your state. It most likely is available. If you live in California, you can file your state taxes for free with CalFile or ReadyReturn:
http://www.ftb.ca.gov/online/calFile/index.asp
http://www.ftb.ca.gov/readyreturn/index.asp
If you live in another state, search Google for “free file” with the name of your state, or search your state’s government website.
Thursday, March 12, 2009
How to prepare your own taxes for free
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