Do you qualify to use the Free Edition of federal tax filing software?
The guidelines and rules for free federal tax filing are easily understood. To qualify for free federal tax filing your adjusted gross income from the previous year must be below $58,000.
TurboTax Online offers a free file program which is for people who don't need much guidance regardless of income level.
The Free Edition through TurboTax does not cover tax schedules C, D, E, and F which are required for people who own a business, or have sold investments.
The qualifying rules are subject to change for each of the software companies participating in the free file program. Please keep in mind each tax preparation and filing company has it's own set of qualifying criteria.
What about free state tax filing? You may want to know if your state tax return will be free as well. Some participating tax companies offer free state tax filing and some don't. There is a charge for state tax filing with TurboTax.
TurboTax Free Edition 2012 tax software will start out by asking simple questions about your life situation and income. You should gather your paper documents and have them handy when you sit down to get started with preparing your income tax return. You will want to have your Social Security number, your W-2 tax form, and other related information pertaining to income.
TurboTax gives you a type of "interview" by asking simple questions and will put your answers right into the correct boxes for you. This includes tax forms 1040ez, 1040A, and the 1040 tax form. If TurboTax realizes it would be more advantageous for you to use a different tax filing edition, then you will be prompted to consider the change for a bigger refund, or whatever the benefit will be.
If you do decide to change from the Free Edition to another tax software edition, then don't think you have to start all over again. The information you entered will automatically be imported right into the tax edition recommended.
You do not have to download software because your tax return will be filed right from the web site of TurboTax. There's no need to fear about the safety of your personal information because TurboTax uses encryption technology used by banks and has a very powerful firewall for your protection. No one can hack into that kind of encryption. Your personal information is also password protected and you create the password yourself.
If you purchased tax software from a store you cannot use that for free edition tax filing. You have to use the web site of the participating tax company to use the Free Edition tax software. If you are a procrastinator and need to file for an extension you may still use the Free Edition to file your tax return.
Many companies offer free electronic extensions for tax filing. Now pay close attention to this because if you owe federal taxes you must pay any tax owed by the April 15th deadline. If you use the Free Edition for tax filing and are granted an extension you must pay any taxed owed on time or else you may pay stiff penalties, interest, and fines if you are late on payment.
You can still track your tax refund if you qualify to use the Free Edition tax software. The IRS also offers a "Where's My Refund?" tax refund tracking tool for you to use.
Using the Free Edition at TurboTax also allows you to make a payment if you owe federal taxes. Not all types of tax payment can be made electronically, so you will have to be aware of that before you try to pay electronically. TurboTax will not allow you to do anything you're not supposed to do, so you have peace of mind if you should decide to use their Free Edition of the tax software. Most tax companies provide a way to pay federal taxes through a debit card, credit card, check, or money order.
You do not have to be a specialized trained computer guru to use tax preparation and filing software. The tax software at TurboTax is user friendly and the language used is plain, easy to understand English. No fancy tax accountant language or terms are used so, any person can easily understand what to do. The tax software company you choose should be easily understood.
TurboTax guarantees you will get the biggest tax refund possible or least tax owed. You can use the tax refund calculator to see how big your refund will be. TurboTax will scan your tax return with a fine tooth comb, more than once to find every tax benefit you deserve. The billions of dollars unclaimed by taxpayers is staggering and perplexing. How can so many tax filers miss out on tax credits and tax deductions that would have put hundreds or thousands of dollars into their pockets? Don't let this become your sad reality.
Free file companies are required to offer tax support to their customers and TurboTax is no exception. You will even get step by step guidance on everything you need to know and what to do if the IRS contacts you. TurboTax completes thousands of error checks for you to help avoid unpleasant events like an IRS audit. Guaranteed accurate calculations are a must for any tax software company. You will want to make sure you have that guarantee from your tax software company before you sign up to use their service.
There are several tax companies offering free federal tax filing so, do your research to find the best tax software company for your personal needs. Find the right free file tax company for you and remember the eligibility criteria is different for every company.
Credits : www.irs.gov | www.michigan.gov | www.wikipedia.org | www.section179.org | www.about.com | www.ehow.com | www.turbotax.intuit.com | http://www.taxfoundation.org