01 Feb Tax Hacks 2016: How to Save Money Filing Your Taxes
As we approach the middle of the winter, we are only getting closer to the annual and stressful but rewarding day of the year that is Tax Day. This year, Tax Day falls on April 18 and because the IRS is already accepting federal tax filings, it is essential that many Americans begin to prepare and file their returns.
But no matter how much one makes, nobody should be paying to have their taxes done for them. Before spending unnecessary money or painfully having to organize your financial records, take some of these free hacks into consideration to save money and make life so much easier.
Call and sign up for a free national program.
There are many free national programs that will help you prepare and file your tax returns. Although some programs have specific requirements and income qualifications in order to sign up, there is definitely one out there to fit your needs. Here are just a few of the programs listed below:
- Volunteer Income Tax Assistance (VITA) is an IRS program designed to aid low and moderate-income taxpayers with filing their annual tax returns at zero cost. The ones who are eligible are taxpayers must:
- Earn $54k/year or less, be elderly, have disabilities, and have limited English-speaking abilities
- Tax Counseling for the Elderly (TCE) is another IRS program that assists elderly individuals with their returns for free. The taxpayers who are eligible must be:
- Age 60 or older
- Free File, which is ran by the IRS and the Free File Alliance, a group of private tax software companies, is a federal income tax program. The individuals who use Free File must:
- Earn an income below $62k
Get a free smartphone tax app.
There are also smartphone apps that can make the process of filing your tax return more tolerable. Here are a couple of great apps that can be very useful:
- OneReceipt is a free app where one can organize, index, and store all of their receipts in a cloud by simply taking pictures of them with their iPhones. Unfortunately, Android does not offer this app, but it is free over the Internet.
- PowerWallet is another free budgeting software app that organizes your expenses by linking to all of your financial accounts and managing their spending. It is an awesome tool for anyone who constantly needs to track their expenses.
- H&R Block has free mobile apps, such as TurboTax, that will allow you to take a photo of your W-2 and complete the form on your phone. However, submitting the paperwork to the IRS might have a cost.
- Another app is TaxACT Express, which lets you do the same activity as TurboTax; however, it prepares and e-files your federal and state returns for free.
By keeping these resourceful tax hacks in mind for the beginning of 2016, you can become a quick-witted and organized taxpayer who ultimately saves the unneeded time, money, and stress!