3OYS: Tax tips for 2014Posted: Updated:
PHOENIX -- Tax time doesn't have to be intimidating or even expensive. Three On Your Side has some tips for doing your taxes on the cheap.
Bill Brunson is with the Internal Revenue Service. He says electronic filing is the most efficient way to go. "The software will do the math for you," he says. "You’re not going to make an error with subtraction or addition."
While nearly 65 percent of people pay someone to do their taxes, there's nothing wrong with buying software and letting it walk you through step by step, Brunson says, “Those products that are out there, they should have some sort of a label on the side saying that they have they've been approved by the Internal Revenue Service for their software format."
Another option is to visit the I.R.S. website. You're able to prepare your taxes there free of charge.
"You have to go to the I.R.S. website, then you click on the I.R.S free file icon, then it will take you to two areas," he says. "What they refer to as traditional free file, or fill-able forms."
The traditional free file is for those whose adjusted income is less than $58K, so if you made $58K or less, you qualify. Brunson adds, "The traditional I.R.S. free file has about 14 different software providers who are allowing you to use their product for free for the federal return."
And, if you made more than $58,000, it's still free, but just make sure you use the online fill-able forms. The good thing is you just fill in the blanks and the site does all the math for you. Brunson says "It's been a win-win situation for taxpayers, for the federal government and for the software companies that become involved with this program."
To learn more visit www.irs.gov.