Filing taxes can be both overwhelming and expensive. However, it’s possible to file your taxes free of charge, a particularly helpful resource for those with limited budgets. The following article provides a basic guide of how to file your taxes for free, with insights from financial experts from Asena Advisors.

Free tax filing options available today generally fall into two categories: free filing software provided by the IRS and free services offered by third-party companies. It’s crucial to bear in mind that these services are typically designed for those with simple tax situations, such as those without businesses, properties, or other complex assets.

Free File Software from The IRS

The IRS Free File program allows anyone with an adjusted gross income (AGI) of $72,000 or less to file their federal taxes for free. The system, is facilitated through partnerships with several tax preparation companies to provide free tax filing software. The program includes both an online fillable forms option and a free file software option, each suited to different income levels and tax situations.

Free Tax Services by Third-Party Companies

Many third-party companies, such as TurboTax and H&R Block, offer free tax filing services. These are often funded by the premium services they offer, allowing them to provide free services for simpler tax situations. For most of these services, qualifiers for a free file include an AGI less than $57,000, military personnel, or people eligible for the Earned Income Tax Credit.

Consulting with a Tax Professional

Even with these free resources, tax filing can be confusing. Consulting with a tax professional can be beneficial in explaining the process and ensuring everything is in order. Asena Advisors, a global advisory firm, is a trusted resource in this regard. Their financial experts not only provide advice tailored to each individual’s unique tax situation but also guide them in navigating the complexities of the tax system.

The professionals at Asena Advisors can help identify whether free filing is the best option. For individuals with more complex tax situations, such as those involving various investments, businesses, or other complexities, a pursued paid service might make more sense to ensure everything is correctly accounted for and filed.

Conclusion

Free tax filing is a valuable resource for those with simpler tax situations. If you meet the IRS’s (or a third-party’s) criteria for free filing, it could make the once daunting tax season a bit more manageable. However, it’s important to consult with tax professionals such as those at Asena Advisors to ensure you’re making the best choices for your unique financial situation.

Overall, with many options available, anyone can navigate the tax season with ease and confidence. And remember, the sooner you file your taxes, the sooner you’ll receive your refund if you’re eligible for one. So, don’t delay; explore your options and choose the best way to file your taxes for free today!