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Four Ways to Reduce Tax Day Stress
Last–minute tax filers often fall victim to common tax errors either by overpaying a preparer, missing credits/deductions, or making math errors. With the tax filing deadline less than a week away, one of the best ways for eligible tax filers to save money, maximize their refunds and get their refunds quickly is to file for free with MyFreeTaxes. Here are some top filing tips to remember:
1. Find out if you qualify for free options. According to the National Society of Accountants, the average tax preparation fee for an itemized return is $229. Millions of filers pay these fees without knowing that they may qualify for free filing options. If you haven't already filed, consider free tax preparation services like MyFreeTaxes.com which offers free federal and state filing to individuals and families with a household income of $58,000 or less. MyFreeTaxes.com is the only online platform that provides free federal and state tax filing in all 50 states and the District of Columbia to eligible filers.
2. Find out if you qualify for the Earned Income Tax Credit and other valuable credits. The Earned Income Tax Credit (EITC) can boost the wages by up to $5,000 for individuals and families who qualify. The amount of the credit depends on your income and the number of qualifying children in your household.
3. Gather correct documents. Tax filing tells a story of your past year, and your documents are the archives in which it is recorded. Be sure to have the correct Social Security or Individual Taxpayer Number ( ITIN ) for each family member and working adult. Also gather your W-2 forms and all other income forms which can include unemployment, social security, health care reimbursement, state tax refunds, gambling winnings and contract work. If you expect to receive a refund from the IRS, have your correct bank account numbers handy— which include your bank or credit union's routing number and savings or checking account number. This will allow your refund to be deposited automatically into your account via direct deposit and received within 7-10 days of filing.
4. Save time by filing online. The IRS recommends online filing as the most efficient way to get your refund. MyFreeTaxes.com offers a comprehensive tool, powered by H&R Block®, to help individuals prepare and file their taxes faster. Progress is saved at every step to ensure that your work is not lost. A valid email address is all that is required for eligible filers to participate. Interested filers should visit MyFreeTaxes.com to get started. Taxpayers requiring additional assistance can contact MyFreeTaxes' helpline 1-855-My-Tx-Help ( 1-855-698-9435 ) or get help through online chat support. Representatives are available Monday – Saturday, 10 a.m. – 10 p.m. (EST) via phone or online chat.
If you filed an extension with the IRS or missed the tax deadline, you can still use MyFreeTaxes.com through October to complete your federal and state return for free if you qualify.
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