File Your Taxes for Free

by Andy Hough on January 25, 2015

The IRS started accepting tax returns this past week. Many people spend money getting their taxes done at a tax preparation office or purchase tax preparation software. That isn’t necessary for most people. I can’t remember the last time I paid to get my taxes done. I think it was sometime in the 90s. With tax software it is pretty easy to do your own taxes so I think most people are capable of doing their own taxes. Unless you have especially complicated taxes you really shouldn’t need to have your taxes prepared by a professional.

Most people can do their taxes for free with the IRS Free File program, which provides taxpayers who have an adjusted gross income of $60,000 or less with free, online, name-brand tax preparation software products. This means about 70% of people are eligible to use the program. I have used the Free File program several times and it is simple to use. The IRS Free File site will give you several options of companies to choose from. The companies include big brands such as H&R Block and Turbo Tax as well as several smaller companies. You do have to go through the link on the Free File site to use the software free. Some of the companies also let you file your state taxes for free so that is something to consider when choosing which company’s software to use.

Even if you make too much to use the Free File program you can still file your taxes online for free. The IRS also offers Free File Fillable Forms. I haven’t actually filed using them, but I have tried them out. They are basically just like doing a paper return online. You have to actually know how to prepare your taxes to use these. Since I’m old enough that I prepared my taxes on paper for many years before tax software was the norm I would be fine using this option if I didn’t have easier, free options available.

I know most people are still going to pay to have their taxes done, but I hope that at least a few people will realize that they are able to do their taxes on their own for free.


Figuring Out My Retirement Investments Asset Allocation

January 25, 2015

To start this post I will remind you that I am not an investing expert and I do not give investing advice on this blog. What follows is me thinking out loud about what I should invest in and when I should change the mix of assets my retirement assets are invested in. My investment […]

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2014 Expenses Review

January 20, 2015

My expenses in 2014 were a little higher than in 2013. I spent a total of $15,775.66 in 2014 compared to $13977.72 in 2013. The increase in expenses was mostly due to a little over $1000 of dental work and increased travel expenses. Dental expenses will be even higher this year since I’m getting dental […]

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Side Money Student Loan Pay Down Challenge

January 11, 2015

Inspired by Doctor of Credit’s post on how he made over $4500 in side money last year I have decided to start tracking what I make in side money as well. All of my income is already being tracked in my monthly income reports, but I haven’t been keeping track of easy money specifically. I’ll […]

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December Safe Withdrawal Rate – 37.67%

January 10, 2015

December’s SWR was 37.67 compared to 38.87% in November. That was a slight improvement. My goal is to get the SWR down to 4% so the lower my SWR is the better. That goal is probably many years from being met. The 4% SWR translates into having 25x your annual expenses in savings or 300 […]

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December Income – $842.23

January 4, 2015

Here is a breakdown of my income for December. Online Income $201.8 Interest $8.14 Cash Back $51.11 Amazon FBA $20 Dividends $16 Jobs $545.18 Total $842.23   My income for November wasn’t that great. Since my expenses for the month were also very low I still basically broke even for the month so I can’t […]

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