Did you know you can file your federal taxes with free filing software if your income is under $64,000? Probably not, most people don’t. While 70% of American taxpayers are eligible for Free File, according to the IRS, only about 2-3% of eligible taxpayers take advantage of the service. The low turnout might just have something to do with tax software companies spending a lot of money to keep you out of the know, but that’s for another time.
Not only can you file federal taxes with free filing software if your income is under $64,000. But, the IRS also provides free electronic forms for everyone, regardless of income. It’s a little more complicated, you have to actually read the instructions that come with the form and put the numbers in the right place, but you can still file online for free.
Here in Colorado we can file state taxes for free along with our federal taxes, check to see if you state allow you to file online for free over at MyMoneyBlog. Many states don’t even have an income requirement.