The Tax Man Cometh: Quick Tips From BALANCE
posted on
March 1, 2025
Since we all know what the other certainty in life is (death), maybe we shouldn’t be all that upset about the onset of tax season, right? And while it may seem that the tax code gets more complicated every year, the good news is there are also a lot more tools now than ever before to streamline the process of tax preparation and make sure you complete your return correctly. Here are a few quick tax tips to dial down the pain.
Tax Software
You’ve probably heard of Turbo Tax. It’s the market leader in tax prep software, but it’s not the only option. If your adjusted gross income is $84,000 or less, you may qualify for free software to file your federal return. Go to the IRS website’s Free File page to learn more.
Different companies have different eligibility criteria to get the freebie. You’ll be asked to answer a few questions to match you with the right commercial tax software. And remember, not all of the IRS’ partner companies offer free state tax returns, so check those details before proceeding.
IRS Mobile App
Some filers may also qualify for free tax preparation assistance. You can use the IRS mobile app (IRS2GO) to find IRS Volunteer Income Tax Assistance (VITA) and the Tax Counseling for the Elderly (TCE) sites.
You can also use IRS2GO to:
- Subscribe to tax tips from the IRS.
- Follow the IRS on social media.
- Connect to other online tools from the IRS.
- Check your refund status.
Report Everything (yes, everything)
Finally, few things will trigger an audit faster than failing to report all of the income that’s been reported to the government under your Social Security number. You’re not likely to forget income noted on the W-2 you get from your employer, but be sure to also include other sources of income throughout the year, like freelance work, unemployment compensation, scholarships, and prize winnings such as gambling and lottery winnings.
This article is for informational purposes only and is not intended to provide tax, legal, or accounting advice. You should consult your own tax, legal, and accounting advisors for advice. Membership required. SRP is federally insured by NCUA.
Article Credit: BALANCE
