3 IRS Offered Resources for Income Tax Preparation
Income Tax Preparation and filing of the returns is just like the foundation of the entire taxation system. Believe us; it is not as complicated as many people consider. Sure! A few taxpayers may face certain complications we agree. However, most of the taxpayers can enjoy their income tax preparation in quite a seamless manner. Apart from all other paid resources, the IRS offered free resources are also quite valuable. They are being offered according to the class and financial background of taxpayers. In short, those who are earning more and can take assistance from elsewhere will not find the IRS too welcoming. But people with lack of resources can anticipate a much better treatment.
What it VITA?
Voluntary Income Tax Assistance Program is an initiative of the IRS. They are running this program for providing some assistance to those taxpayers who cannot bear the burden of hiring a professional. Yes! It is a quality move, and we appreciate it. However, we do have some concerns about the value of the services being offered under the banner of VITA. After all, the service of a professional like an attorney or a CPA cannot be found and delivered through a volunteer. The people who participate in this program comes from different nonprofit and nongovernmental organizations. So, you cannot anticipate specialized services from them. For basics, they would work fine. As an example consider you are going through your income tax preparation and are not clear about what you have to enter in the field that reads, Filing Status. This and several other similar questions can easily be answered by VITA representatives. However, as far as more typical questions are concerned related to deductions and disclosures it is not a safe choice keeping yourself stick with some unprofessional volunteers. We know, the IRS trains them and certifies them before they could finally take part. Still, this is not enough. The level of training they are receiving is just general practice, and you cannot seek them with higher level complicated quarries and troubles.
Free Fillable Forms — Free
Another prominent way available for seeking free support and information is the use of free fillable forms. These forms are available for those who are looking for their income tax preparation and returns filing. Fillable forms are maintained online, and taxpayers can access these forms using a valid internet connection. Each year a new user account has to be created by every individual filer. On the 20th of October, all previous accounts are erased from their servers. So, as a taxpayer, you should keep this date in mind. In case if you are looking for reviewing your filed returns and are willing to produce its copies than don’t wait and do it right now. After the above-stated deadline, even the IRs will not be able to reproduce the data as this fillable forms program is owned and maintained by a third party. The good thing about this program is it’s free of cost availability. However, these fillable forms are not perfect. Taxpayers who don’t have an idea about the necessary calculations and regulations are going to have a hard time with these forms even.
Tax Preparation Programs — Free Access
Have you ever heard about programs like Turbo Tax etc.? This and several other computer based software programs are getting famous with the passage of time. These programs are designed for making the entire income tax preparation an automated one. We appreciate the IRS move to pay for taxpayers who come from a weak background. Taxpayers who are not making than $62K per year can enjoy free access to all of the best available tax preparation programs. For those who are making over $62K can also use these programs for their income tax preparation but they will pay for it. However, free fillable forms is another option (as discussed above) and it can be used free of cost by almost everyone. So, as a taxpayer you have various options available for your income tax preparation. Don’t take this matter for granted and prefer filing way before the deadline — GLGAccounting.Com is a great company and you could take their assistance as well.