You ask yourself: “Can I file taxes online for free in 2020? Of course, you can! So, let's go and file your 2019 federal taxes online for free — but make sure you are smart about it. Before we continue, please take note of the following content. This is my pledge and 2020 New Year resolution.
MY PLEDGE
As 2020 came knocking on our door, I was prepared and had already created my monthly lists and goals that I want to achieve in the next year, but also in the new decade ahead. One of the goals is to donate about $10 Million over the next 5 years again - both in cash and in-kind, and provide you with services that can reduce your debt, but also open up new opportunities towards achieving your financial and business-related independence. Read my full pledge here!
----------------------------------------------
Before We Proceed
Firstly, there are some ways to capitalize on a free money giveaway, no strings attached, that you may want to try to get in on. All over the world, millionaires and billionaires giving money away, are handing out cash to those that are in need. I do the same thing! So, just proceed and make your request HERE! If you are in need of some assistance, perhaps this is a good option for you. Once you find a list of millionaires that give cash to help out others, you can write to them. If you are saying, I need cash now, let's explore how you should construct a letter to try to get in on a free money giveaway, no strings attached.
 |
| Your 10.000$ are inside. Click to enter. |
I will fund your business idea with $10.000 grant!
The best way towards riches is your own unique idea. You always have to consider to make money yourself and continue earning it more and more easily. As you know already, the internet is one of the markets that is expanding extremely fast. Maybe you have a good idea for an online home business that could bring quite a buck? Then you should definitely go for it! I will fund your business idea with free $10.000 grant!
----------------------------------------------
What Day Are Taxes Due in 2020?
You need to have your 2019 tax paperwork filed by April 15, 2020. Last year, some lucky taxpayers got a couple extra days thanks to the timing of the weekend, a state holiday in Maine and Massachusetts and a Washington, D.C.-specific holiday that landed on April 16 last year.
This year, we’re back to the usual grind — although the growth of online and mobile tax-filing solutions make standing in line at the post office as the clock nears midnight a thing of the past.
What’s New This Year?
After the huge changes to the tax code made in 2017, the differences for filers this year might seem minuscule by comparison.
The good news is that the 2017 overhaul of the tax code doubled the standard deduction and the elimination of unreimbursed business expenses for filers who earn W-2 income makes itemizing less appealing.
The new standard deduction is now $12,200 for single filers and $24,400 for married couples filing jointly. This means that many taxpayers, especially those who live in areas where housing costs are lower, no longer have to itemize to get the most advantageous tax treatment.
|
| Your 10.000$ are inside. Click to enter. |
Take note of couple of changes
In addition, there are certain groups of filers who might want to take note of a couple of changes this year: In particular, this is the first year that alimony payments are not allowed as a deduction, and alimony payees are not required to list alimony as income. The threshold for deducting medical expenses has been raised from a temporary level of 7.5% back up to 10% of your income.
The IRS struck a deal with tax preparation software companies in 2002 to ensure the middle-class taxpayers can file for free, but the rules are wonky and complicated, which might be one reason for the program’s underuse.
About 70% of taxpayers qualify to use free tax prep software through the Free File Alliance, a joint effort between the IRS and several private tax preparation software companies, according to the IRS. But statistics show only about 2.7 million returns — out of about 134 million individual returns total — were filed using the IRS’s Free File program for fiscal year 2018, according to IRS data.
Accessing tax preparation software
While popular tax preparation software companies, like Intuit and H&R Block, are members of the Free File Alliance, you can only qualify for the Free File program if you access their software from IRS.gov. Accessing the software any other way will bring you to the commercial version of the website, where you may have to pay to file your taxes, even if you would have qualified for the Free File program.
That doesn’t necessarily mean a majority of taxpayers are paying unnecessary fees to file their taxes — many households with relatively simple tax situations might be able to file for free using commercial software — but it does mean some could be leaving money on the table.
The only way to truly ensure you’re filing your federal return for free starts at IRS.gov. Here are the tools available to you, based on your income:
Income $69,000 or less: Use Tax Preparation Software For Free with Free File
If your adjusted gross income was $69,000 or less in 2019, the IRS says you can file for free. But, to do that, you need to start at IRS.gov.
Free file software will become available on the IRS website on January 10, 2020, according to the Free File Alliance. There, a slew of requirements will steer you towards the right software for you. If this year’s free file options are similar to those offered last year, the software you can use will depend on your income, age, tax credit eligibility, and residence. Users will be able to select a program from a list or use a tool to determine which software they qualify for. After determining which software they will use, taxpayers can click on a link to that company’s Free File website, according to the IRS.
To ensure you qualify for the free use of tax preparation software, you’ll need to know your adjusted gross income. You can calculate your AGI by adding up taxable income like wages and investment gains, then subtracting certain deductions, like those for student loan interest or contributions to a retirement account.
|
| Your 10.000$ are inside. Click to enter. |
Income Greater Than $69,000: File Taxes For Free Using Free File Fillable Forms
Those with adjusted gross incomes greater than $69,000 may not be able to use free tax software under the Free File program, but they can prepare their taxes digitally with Free File Fillable Forms, the digital answer to sitting down at the table and doing your taxes by hand.
Like Free File’s tax preparation software, the digital forms will also be accessible from the IRS’s Free File webpage. Unlike tax preparation software, the digital form “offers only basic guidance,” the IRS website warns.
“You can think of the Fillable Form as an analog to filling out a paper form by yourself,” says Kathleen DeLaney Thomas, director of the UNC School of Law Tax Institute. “If you have a good understanding of how to report your taxes and you don’t need assistance from tax preparation software, anyone can use the forms.”
While Fillable Forms might be a good option for those used to filing their own taxes with a pen and paper, less confident taxpayers — or those with tricky tax situations — might be wise to consider paying for tax preparation after all. Common scenarios that can complicate the process include self-employment and substantial investments.
Get out of DEBT!
ADVERTISEMENT
The ADE Option - Debt management!
The debt management sector has exploded in recent years with many businesses and organizations joining the fold.
Consumers who are stressed out by their financial problems may find it even more stressful to navigate their options to find the most suitable solutions.
American Debt Enders has provided a viable solution by acting as a hub for these services and providing live customer support so that clients can get the help they need.
----------------------------------------------
Check Intuit/TurboTax
Intuit’s TurboTax is probably the best-known of the online tax-prep software providers out there. It also is the most expensive — at least, for users of its paid product tiers.
The TurboTax Free Edition is available to filers who don’t itemize and have W-2 earnings and/or Social Security income (of any amount — TurboTax eliminated an income cap a couple of years ago). It can accommodate taxpayers who qualify for the Earned Income Tax Credit and the child tax credit.
The interface is user-friendly and conversational. It starts off by asking, “How are you feeling about doing your taxes?” and walks the user through a fact-finding process (which can be shortened considerably if you upload previous years’ tax info). New customers can upload PDFs from another provider for free, and you can upload your W-2 via a photo using a mobile device.
No comments:
Post a Comment