Finding Free Online Taxes
For most students, life after college means freedom; both socially and financially.
Being financially independent after or even during college can be quite daunting but no matter when the time comes, it arrives with an iron fist. Student loan payments begin, bills that were handled by parents are now in your own hands, and April 15th becomes a very important date.
While growing up, many of our taxes were filed by our parents; either they paid someone else to do it or used free tax software and did it themselves. Most recent graduates cannot afford to pay someone to do taxes for them, nor would that be the most financially responsible choice.
Your student budget may have been a lot smaller than your budget after college, but your money management skills still need to be strong.
Most young adults do not have difficult taxes and do not have to file any dependents.
For young people, choosing the easiest way to file taxes usually comes to filing taxes online and free online taxes. Free tax software companies, like the following, can make filing taxes easy.
- Turbo Tax
- H&R Block
- eSmart Online Tax
Free online taxes are a luxury our parents didnít have, so they canít really tell you about it. Thatís where Student Finance Domain comes in handy. There is countless free tax software available online. Most free tax software comes with a guarantee of getting the maximum refund, comparison charts, support, and packages that offer additional options, but cost a small fee.
Free Tax Software
Figuring out which free tax software works for you is ultimately your decision. As previously mentioned, most free tax software has options for other packages that cost a small fee.
A well known free software product, TurboTax, has the free online taxes option, as well as a Deluxe, Premier, Home & Business, and Business option, ranging from $49.95-$149.95. Other free online taxes software has lower prices.
The Deluxe Federal Edition from TaxACT.com costs $9.95 alongside their free basic plan.
Most free tax software give the basic necessitates of filing your federal taxes:
- preparation of taxes
- free printing of the taxes or free e-file
- the maximum refund is guaranteed
- fast turnaround on your return
Free online taxes are the perfect option for young adults because they work best with simple taxes.
The free online taxes option will typically not cover your tax return if you pay for a mortgage, childcare, investments, or have made charitable donations.
Individuals right out of college, or still in college, do not usually have these expenses, which makes filing free online taxes the best tax return option for them.
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Filing taxes has ever been easier with free e-file. In the past, one had to file their taxes; either from a tax preparer or with free tax software, and then send it in to the IRS through snail mail.
However, now with the free e-file option, one can send in taxes completely free (no postage) through the Internet.
The Free Federal Online Filing, provided by the IRS, provides free federal income tax preparation and electronic filing for eligible taxpayers through a by combining the tax efforts of the IRS and the Free File Alliance, LLC, a group of private sector tax software companies.
Using the free e-file option can be used with free tax software, or simply by filling out the tax forms online and sending them in.
However, the first few times an individual files their own taxes, it is recommended they use some form of help, and free tax software is the easiest and most affordable to come by.
Filing Federal vs. State Taxes
Some free e-file packages offer free state filing as well, but not all do. Most state taxes will need to be paid for and are not included in the free taxes online. For example, H&R Block offers free federal tax filing, but does state taxes for $9.99. TaxACT.com offers state tax returns for as little as $8 when using free e-file.