ered several forms of income tax assistance to taxpayers over the years. These aids are designed to help individuals understand, prepare, and pay their taxes. Here are 10 cool tools available from the IRS this tax year.
1) FreeFile
FreeFile is open to taxpayers who earn less than $58,000 annually. This program allows individuals who are familiar with the basic tax laws to prepare their returns free using online forms.
2) Where's My Refund
Where's My Refund allows taxpayers to check the status of a federal tax refund. Users simply input their filing status, Social Security number, and expected refund amount to receive tracking information and an estimated deposit date. The tool is generally available for use seven days after the initial filing.
3) Withholding Calculator
Many taxpayers are confused about how much tax to ask their employer to withhold during the year. The free
IRS Withholding Calculator allows individuals to enter basic filing information and their paycheck amount to estimate which filing status to use and how many allowances to claim on Form W-4.
4) Online Payment Agreement
The Online Payment Agreement is a good tool for taxpayers who have to pay a tax balance and need time to pay it in full. This program allows them to enter into an IRS installment plan online and make monthly payments to clear the account over time.
5) Electronic Federal Tax Payment System
The Electronic Federal Tax Payment System (EFTPS) offers online payment options for taxpayers who need to pay a tax balance. Through the system, the IRS accepts all kinds of federal tax payments, including income taxes, estimated taxes and payroll taxes.
6) Volunteer Tax Return Preparation Lookup
Taxpayers who need help getting a tax return filed can use this tool to retrieve a list of free volunteer tax return clinics located near them. This free tax preparation assistance is only available to those who earn less than $50,000 annually.
7) Earned Income Tax Credit Assistant
This assistant helps taxpayers find out if they are eligible for the Earned Income Tax Credit. Individuals can also use the EITC Assistant to estimate how much credit they will receive using their number of qualifying relatives and earned income.
8) Interactive Tax Assistant
The Interactive Tax Assistant offers answers to common tax concerns, including choosing a filing status, claiming dependents, qualifying for certain tax credits and itemizing deductions. Users answer questions online and follow the virtual prompts to read the relevant portion of the tax code.
9) Alternative Minimum Tax Assistant
More taxpayers than ever are subject to the Alternative Minimum Tax (AMT). This tool helps users find out if they fall into the AMT brackets and assists them to estimate their expected tax liability.
10) Authorized E-File Provider Search
The Authorized E-File Provider Search is an excellent resource for avoiding tax scam. This portal helps taxpayers locate authorized e-file providers near them.
With the help of these 10 cool tools from the IRS this year, more and more taxpayers will have the assistance they need to handle their taxes quickly and accurately.
