When it comes to seniors and retirees needing to file their income taxes, the IRS offers resources to help. According to the IRS’s website:
“IR-2020-10, January 15, 2020
WASHINGTON — Seniors and retirees whose income is under $69,000 a year should explore IRS Free File for free online tax preparation.
Seniors are one of the key constituents for Free File which has served 57 million taxpayers and saved them $1.7 billion since the online filing service debuted in 2003.
Free File – which features 10 brand-name tax software providers – also offers the new Form 1040-SR option for seniors over the age of 65.
“When you’re on a fixed income, every penny saved matters. With Free File, you can save lots of pennies. Free File also does all the hard work for you. It finds the right forms, benefits and does all the math,” said Ken Corbin, commissioner of IRS’ Wage and Investment division.
Free File supports all the major forms that can be filed electronically so even if your return is a bit more complex, you can still use a free service.
Here’s how Free File works:
Go to IRS.gov/freefile to see all Free File options.
Browse each of the 10 offers or use a “look up” tool to help you find the right product. Each Free File partner sets its own eligibility standards generally based on income, age and state residency. But if your adjusted gross income was $69,000 or less, you will find at least one free product to use. Two products are in Spanish.
Select a provider and follow the links to their web page to begin your tax return.
Complete and e-file your tax return only if you have all the income and deduction records you need. The fastest way to get a refund is by filing electronically and selecting direct deposit. If you owe, use direct pay or electronic options.
Free File providers also offer state tax return preparation, some for free and some for a fee. Again, use the “look up” tool to find the right product. Here’s another plus for Free File: you can use your smartphone or tablet to do your taxes. Just go to IRS.gov/freefile on your device. All Free File products are enabled for mobile devices.
Seniors who are not comfortable preparing their own tax return still have other free options. The IRS helps support the Volunteer Income Tax Assistance program and AARP supports the Tax Counseling for the Elderly program. Volunteers will prepare your tax return for you for free. Use the VITA locator tool to find a VITA/TCE location near you.
Free File is available now through October to accommodate extension filers.:”
Tax Preparation in Euless, TX
At King Financial Services, we offer the most comprehensive and affordable financial and tax services in Euless. Our team of financial experts work with individuals and businesses to keep their finances accounted for and their taxes properly filed. Working with our team will make it easy to stay organized and on track so you can focus on what is really important in your life. We help to ensure you are not missing out on any tax exemptions or write-offs and are filing without error.
Don’t get lost in the paperwork that comes along with running a business, instead reach out to King Financial Services. Our team of financial professionals understand how overwhelming it can be to you and your staff to keep up with additional tasks and record keeping. This is why we help eliminate the workload that comes with bookkeeping in house by managing all of the additional responsibilities, such as payroll and bookkeeping. Contact us today to learn more about the tax and financial services we offer. Sandra King is an enrolled agent, empowered by The United States Treasury to prepare your personal or business tax filing. While her services are offered nationwide, Sandra King locally serves the greater Dallas-Fort Worth area, including but not limited to Arlington, Bedford, Colleyville, Euless, Fort Worth, Grand Prairie, Hurst, Mansfield, North Richland Hills, and Richland Hills.