5 Free Tax Return Filing Tips Make Tax Filing a Breeze

5 Free Tax Return Filing Tips Make Tax Filing a Breeze

5 Free Tax Return Filing Tips to Simplify Filing Your Taxes

It’s a known and unfortunate fact that most individuals aren’t too efficient when it relates to tax return filing. We offer these free online tax preparation tips to help those who are disorganized and/or unprepared. Many are stressed out because they are not organized and it doesn’t have to be that way.

  • A checklist can be a big help in getting organized.

Making use of a good checklist will guide you in organizing all of the correct documents that you need. This one free tax return filing tip alone can make sure that you don’t miss any required details. Did we mention less stress? Getting your required documentation organized will allow you to physically see what you will need when you actually prepare your tax return.

  • The first time you do this, you may need help.

If so, it is available. There are several sources of free tax assistance if you need it. The Internal Revenue Service has a couple of programs for those who qualify. One is the Volunteer Income Tax Assistance (VITA). Another one is Tax Counseling for the Elderly (TCE).

In addition to the IRS programs, you can find numerous software programs on the internet. These are designed to help you get your information ready to file your tax return. Software programs can help individuals to get organized, and also to make sure that deductions and credits are maximized.

Some individuals may not be comfortable filing their tax return without the assistance of a tax professional. Hiring one can be quite expensive, however.

We have an online tax preparation service with our website, HBS Financial Group, Ltd., that offers assistance. By using a simple interview process, you will be guided throughout. Your answers to the questions will allow our intuitive program to determine all of the forms that you need, and will actually prepare the return for you.

It will also determine if you qualify for a free federal return. Making sure that you get all available deductions and tax credits is automatic.

  • Review your work several times to make sure nothing is missing.

Never send in or e-file your tax return until you’re sure it’s good to go. Your goal is to file a 100% accurate tax return. This will not only boost your self-confidence, but it will save you from having to amend your return.

Follow your checklist carefully and you will be more confident in filing your tax return yourself. When you review your return, it’s very important to make sure that the spelling is correct. Next are the numbers. Check your social security number carefully and all numbers that you have entered. It’s easy to transpose a number, so check every one. If you send in a return to the IRS and/or your state with an error, you can be sure it will delay any refunds you may be waiting for.

  • Tip number four is to realize that tax return filing doesn’t begin on the day you plan to file your return.

To be organized and ready to file, be aware of your tax situation as you go through the year. Those who wait until the last minute to organize their records and other tax information are prone to making errors.  You may have a life event change during the year and you need to address it then while you have time. Waiting until tax filing time can bring on stress that you don’t need.

  • The last free tax preparation tip is to make sure that you aware of your deadlines.

Allow yourself plenty of time to gather your records and any other information that you may need. Filing your taxes online is so much easier when you have everything you need to file an accurate return. Depending on your job, you may be a W-2 employee or a self-employed individual. If the latter, one of your deadlines may be making estimated tax payments throughout the year. It could also involve paying state sales taxes in certain cases.

We encourage you to take advantage of these five free tax return preparation tips and do use a good check list. Check our online tax filing site also and see just how fast and easy it is to file your taxes online. Answer the simple interview questions, and if you qualify for free online tax preparation for your federal return, you’ll get it. The program will also make sure you maximize all deductions and tax credits that you are eligible for. Don’t delay, get organized and get your return done.

Oh, and did we mention your cost for filing your tax return with us? We have a new flat rate pricing of $25, and that includes your federal and state return. It doesn’t matter either how complicated your tax return is, or how many forms you need. One flat rate of $25 for your tax return filing.

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How to File Your Taxes Online for Fast Refunds

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How to File Your Taxes Online Faster with These Tips

There are many reasons to look for tax filing help, especially if you’re not sure how to file your taxes online. Many individuals feel that the tax laws are very complicated, and they’re simply not comfortable in filing their own tax returns.

For these individuals, tax filing help can come from a couple of sources. One option is going to a tax preparer and having him/her prepare your tax return. This may appear to be the easiest way out of your dilemma; however, the taxpayer is ultimately responsible for the return. Plus, the high fees can be a turn-off.

If the tax preparer isn’t competent, or makes an error or View full post…

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Stepped-Up Cost Basis Rule Can Reduce Your Taxes

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Stepped-Up Cost Basis – Very Important Tax Benefit

Practically all married couples have their home and other assets titled jointly with a right of survivorship. What that means is that when one spouse passes away, their ownership of the home or other asset passes on to the surviving spouse. This triggers a tax benefit called stepped-up cost basis.

This arrangement works very well for married couples who have a modest estate and want all of their assets to pass on to the surviving spouse. In most situations, these assets will pass to the surviving spouse without any federal or state death taxes. Plus, there is no need to get involved with lengthy and complicated estate or probate procedures.

What often happens though, the surviving spouse and/or inexperienced executors overlook a very important tax benefit that the survivor is qualified for. Perhaps because the joint ownership rules are so simple, this fact doesn’t surface.

A home, for instance, may have been purchased by the couple at very low cost many years ago. Over the years, it may have increased in value substantially, and at the date of death of the first spouse, may View full post…

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Free Tax Filing Online

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Do you still take your tax records to a CPA or other tax professional for a simple return? Each year, millions of taxpayers are taking advantage of free tax filing online at one of the online tax filing firms.

Cost and convenience are the two major reasons for this change. Having a tax professional prepare even a simple return without itemizing, can cost several hundred dollars. Traveling to and from a tax professional can be very inconvenient as compared to doing your taxes online from the comfort of your home.

You’ve probably heard about the new tax law that goes into effect for 2018 tax returns. The primary change in this law raises the standard deduction to View full post…

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Do your taxes online yourself in minutesQuite often it doesn’t make much sense to have a professional handle your taxes. There are many reasons why it makes more sense to do your taxes online yourself.

It all boils down to cost. When you consider the fees charged by professionals versus the small fees to file your taxes online, its a no-brainer. During the 2018 tax season, the average fee by a pro for a federal and state return using the standard deduction was $175.00.

Filing the same return using itemized deductions, the total fee was $275.00. Say you had a side gig and had to file a Schedule C, the total fees would be in the area of $450.00 and up. In some areas of the country where the cost of living may be higher, your total fees went well View full post…

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