Ways to save money on your taxes.
A few simple tips can save money on your taxes.
Who isn’t looking to save a few bucks these days? The Internal Revenue Service offers some easy ways you can save money on your taxes.
IRS Free File. Fast and easy, IRS Free File allows everyone to prepare and e-file their federal tax returns for free. And, the step-by-step, brand-name software offered by IRS’ commercial partners helps you find the tax breaks you are due.
Each of the approximately 20 private-sector partners tailor their offerings based on criteria such as income, age or state residency. If you need help finding a Free File match, just select the “Pick a Free File company” as your option at the right side of the video on the homepage. Simply enter a little information about yourself, and the matches will appear. Some also offer state returns for free or for a fee.
Just go to www.irs.gov/freefile to get started.
Organize Records. The IRS recommends keeping all tax-related documents for three years, in case of an audit. Keeping track of income-related documents can help you take full advantage of deductions available to you.
Records to have handy when it’s time to fill out this year’s returns:
Find Out if You’re Eligible for the Earned Income Tax Credit. No tax benefit offers a greater lifeline to working families than EITC. Yet, one out of every five eligible taxpayers fails to claim it, according to the IRS. Because of the economy, even more people may be eligible if they have had changes in their earned income. Here are a few things to keep in mind:
To learn more about EITC, go to www.irs.gov/eitc and use the EITC Assistant, or ask your tax professional.
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