A:

Free File is a way for taxpayers to prepare and file their federal taxes online for free. The service is available to individuals with adjusted gross incomes below a certain level - $56,000 in 2008. Firms that offer the service are part of the Free File Alliance, in partnership with the Internal Revenue Service (IRS). An easy way to find these free file fillable tax forms is to choose a company directly through the IRS Free File web page.

Select a company according to:

Once you have selected a company, you will be taken to the company's website so that you can start filling out the free tax return.

It is important to note that you will need to create a new account with the selected company. This will allow you to save your work as you go. After this step, you can start filling out your personal income information. Once this is complete, you may electronically file, or "e-file", the return. You will have the option of printing your return but usually only after filing. (Mastering these fundamentals now will take the stress out of tax season, learn more in Next Season, File Taxes On Your Own.)

Why Online?
By filing online, you could receive your return in as little as 10 days, compared to the approximate six to eight weeks for those who file traditional paper returns. In addition, it is generally faster to complete the forms the forms online. (You have the control to determine whether you owe in April. Learn more in How To Owe Nothing On Your Federal Tax Return.)

RELATED FAQS

  1. What are the best free online calculators for calculating my taxable income?

    Find out where to locate the best online calculators to determine your taxable income and why it is important to know this ...
  2. In what instances does overhead qualify for certain tax allowances?

    Find out about instances in which overhead expenses qualify for tax allowances, including some common examples of tax-deductible ...
  3. How are write-offs recorded on my tax return?

    Find out how to document your write-offs when filing your tax return, including which forms you must complete for personal ...
  4. What is the difference between comprehensive income and gross income?

    Learn the specifics of both comprehensive income and gross income, how they are legally defined, and the primary difference ...
RELATED TERMS
  1. Duty Free

    Goods that international travelers can purchase without paying ...
  2. Tax Deductible Interest

    A borrowing expense that a taxpayer can claim on a federal or ...
  3. Deferred Tax Asset

    A deferred tax asset is an asset on a company's balance sheet ...
  4. Form 8949

    An Internal Revenue Service form implemented in tax year 2011 ...
  5. Buffett Rule

    A tax rule proposed in 2011, by President Barack Obama, stating ...
  6. Substitute Return

    A tax filing that the IRS will create for a taxpayer in order ...

You May Also Like

Related Articles
  1. Investing

    Why did Larry Page pay himself a salary ...

  2. Stock Analysis

    What Makes LinnCo Different From MLPs?

  3. Stock Analysis

    Why Should Investors Read The Annual ...

  4. Investing News

    Approved: Paying Online Sales Tax

Trading Center
×

You are using adblocking software

Want access to all of Investopedia? Add us to your “whitelist”
so you'll never miss a feature!