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Do Your Federal Taxes for Free

You can prepare and electronically file your federal taxes for free using IRS Free File. It is fast, safe and easy to use. IRS Free File does the hard work for you with either brand-name tax software or online fillable forms.

Here are six facts that you should know about Free File.

1. Free Options for All. If you make $62,000 or less – as do 70 percent of Americans – you can choose easy-to-use software to do your taxes and e-file for free. If you make more than $62,000 can use Free File Fillable Forms, the electronic version of IRS paper forms. Either way, it’s free.

IRS to Parents: Don’t Miss Out on These Tax Savers

Children may help reduce the amount of taxes owed for the year. If you’re a parent, here are several tax benefits you should look for when you file your federal tax return:

Exemptions and Dependents: Top Ten Tax Facts

 

Most people can claim an exemption on their tax return. It can lower your taxable income. In most cases, that reduces the amount of tax you owe for the year. Here are the top 10 tax facts about exemptions to help you file your tax return.

1. E-file Your Tax Return. Easy does it! Use IRS E-file to file a complete and accurate tax return. The software will help you determine the number of exemptions that you can claim. E-file options include free Volunteer Assistance, IRS Free File, commercial software and professional assistance.

2. Exemptions Cut Income. There are two types of exemptions. The first type is a personal exemption. The second type is an exemption for a dependent. You can usually deduct $4,000 for each exemption you claim on your 2015 tax return.

Choose Your Tax Preparer Wisely

If someone helps you do your taxes, you're not alone. The IRS asks you to choose your tax return preparer wisely – for good reason. You are responsible for the information on your income tax return. That’s true no matter who prepares your return. Here are ten tips to keep in mind when choosing a tax preparer:

1. Check the Preparer’s Qualifications. Use the IRS Directory of Federal Tax Return Preparers with Credentials and Select Qualifications on IRS.gov. This tool can help you find a tax return preparer with the qualifications that you prefer. The Directory is a searchable and sortable listing of certain preparers registered with the IRS. It includes the name, city, state and zip code of:

Use IRS.gov for Everything You Need to Do Your Taxes

The IRS has all you need to do your taxes. Here are the best ways to get IRS products and services:

Which Tax Form is Best for You?

This tax filing season, get things off to a good start. Make it easy on yourself and let the software you use to e-file select the right tax form for you. Filing electronically is the easiest way to file a complete and accurate return. The tax software asks questions at each step and minimizes errors. E-file also helps you get the tax credits and deductions that you are entitled to claim. Brand-name software is also free when you use IRS Free File on IRS.gov.

Here are some tips to help you choose the right forms:

You can generally use Form 1040EZ if:

·         Your taxable income is below $100,000;

·         Your filing status is single or married filing jointly;

·         You don’t claim dependents; and

Real Estate Expert to Offer Seminar for Older Adults and Caregivers

Real Estate Expert to Offer Seminar for Older Adults and Caregivers

Michael Olear, a licensed real estate broker and member of the Olear Team at MJ Peterson, will present an educational seminar at Brookdale Williamsville on Saturday, March 5, at 11 am. Brookdale is located at 6076 Main St., Williamsville.

The seminar is open to the community and focuses on real estate topics relevant to older adults and their loved ones and caregivers, including right-sizing and simplifying a living situation, legal and regulatory issues to be aware of, and available resources and tools related to these matters. To register, please call Brookdale at 632-7123.