Helpful Information and Resources to Save You Time and Money When Filing Your Taxes!
As of January 23rd, 2023, the Internal Revenue Service (IRS) has begun accepting and processing 2022 federal tax returns. The filing deadline this year to submit your tax return or request an extension to file is April 18th, 2023 for most taxpayers. This week, I want to share some important information and resources that will be helpful as you gear up to file your taxes.
IRS Free File
The IRS launched a free file option for the 2023 tax year for taxpayers that made $73,000 or less in 2022. IRS Free File provides two different options for eligible taxpayers to file their federal tax return online for free:
- Guided Tax Preparation, which guides you through the process of filing your return after answering a few simple questions on an IRS partner site.
- Free File Fillable Forms, which are electronics forms, similar to a paper Form 1040. You will need to know how to prepare your own return if you choose this option.
If you do not own a computer, you are not excluded from IRS Free File. IRS Free File also supports mobile phone access!
Earned Income Tax Credit (EITC)
The EITC was created by Congress as part of the Tax Reduction Act of 1975 and is a federal tax credit for workers with a low to moderate income. Workers can potentially receive up to $6,935 by claiming the EITC on their 2022 tax return. To qualify, taxpayers must meet certain eligibility requirements:
- Have worked and earned income under $59,187 in the tax year 2022
- Have investment income below $10,300 in the tax year 2022
- Have a valid Social Security number by the due date of your 2022 return
- Be a U.S. citizen or resident alien all year
- Not file Form 2555, Foreign Earned Income
More information on eligibility and special qualifying rules can be found on the IRS website.
IRS Taxpayer Assistance Centers Saturday Hours
As part of the IRS’ ongoing commitment to meet the needs of taxpayers, many IRS Taxpayer Assistance Centers (TAC) across the country will be open one Saturday each month from February to May. These special openings will be from 9 a.m. to 4 p.m.
During these Saturday hours, taxpayers can receive in-person help without needing to set up an appointment in advance. If you need help with resolving a tax bill or dealing with an audit, consider visiting your nearest TAC for guidance.
Tax preparation is not a service offered at Taxpayer Assistance Centers; however, information will be provided on how to obtain free tax preparation services locally. Find your local Taxpayer Assistance Center here.
AARP Foundation Tax Aide
AARP Foundation Tax-Aide provides in-person and virtual tax assistance to anyone, free of charge, with a focus on taxpayers who are over 50 and have low to moderate income. Tax-Aide volunteers are located nationwide, and are trained and IRS-certified every year to make sure they know about and understand the latest changes and additions to the tax code.
Click here to find an AARP Foundation Tax-Aide location near you and learn more about the program.
I urge you and your family to take advantage of these valuable resources to help save you time and money.