How Do You Calculate Income Tax Returns For Free?
You can save money when filing your taxes by taking advantage of the electronic filing programs offered by the Internal Revenue Service. You must meet certain requirements, and these programs let you calculate income taxes for free. In addition, when you file electronically you get any refunds due to you faster (sometimes in less than 10 days). Gather your records, such as W-2 forms and records of any other income such as investment income or capital gains on stocks or mutual funds. You must be able to document any deductions you take for charitable donations, contributions to retirement accounts and similar items. Determine your eligibility for the IRS e-file programs. If you have income below a yearly limit (for example, $56,000 for 2008) you can use one of the providers that participate in the IRS Free File system. These providers allow you to use their software to calculate income taxes for free. If you do not qualify for Free File, you can use IRS Free Fillable Forms. This online
