You may be eligible for free tax filing!
The IRS estimates that 70 percent of all taxpayers (about 98 million taxpayers) will be eligible to file federal taxes online for free this year!
Only 4.8 million tax returns were filed through Free File last year, an increase of 24 percent over the previous year’s total of nearly 3.9 million returns, but still way below the number of people who are eligible to file taxes online for free!
Depending upon your adjusted gross income and on how complicated your taxes are, you may be eligible to file taxes online free. For example, if you do not need to itemize and you only have a few standard deductions such as claiming the Earned Income Credit (EIC), you may be eligible.
Be sure when you start your free tax filing using any of the listed tax programs (at right or below) that you start with the Free Version to see if you are eligible to file your federal taxes online for free.
e-File and Direct Deposit
Be sure to e-file and use direct deposit. You will receive your tax refund much quicker by filing your taxes electronically and having the refund direct deposited. The IRS typically claims it will take between 8 – 15 days to receive your direct deposit, but we have seen it typically be 7 – 10 days. Direct deposits are usually received on Fridays, but your bank may differ depending on how fast they handle direct deposits.
Certain tax programs allow you to split your refund, so you could have half deposited into your checking and half in your savings account. Some even allow you to deposit into three accounts such as savings, checking and an IRA.