The Internal Revenue Service helps taxpayers who want to file their federal income tax returns electronically for free. There are plenty of tax preparation companies where you can file and submit your tax return for free.
Since e-filing is much easier than filing a paper return, this is highly recommended if you qualify to file taxes for free. Generally, the tax preparation services require you to have an AGI of less than $72,000 but this is lower for some of the e-file providers.
Other than AGI requirements, you are expected to take the standard deduction over itemizing. If you plan on itemizing deductions, know that you need to pay for e-filing which ranges between $40 to $120 depending on your tax return.
Head over to IRS free file to see your options. If your income is above $72,000, you can still file taxes for free but certain tax forms that you are required to submit the IRS such as information returns.
Why e-file tax return?
Why electronically file a tax return? There are plenty of reasons as to why you should file a federal income tax return. You can either file and submit your tax return electronically or file on paper and mail it to the IRS.
The biggest advantage of e-filing is your return will reach the IRS a lot faster than a mailed in tax return. This will enable the IRS to process your return a lot faster, and inevitably your tax refund will reach to you a lot sooner. So if you want to get your tax refund as soon as possible, make sure to file taxes electronically.
Another thing you can do to get your refund faster is by choosing your payment method as direct deposited to your bank account. This will allow you to receive your refund in a matter of hours after the IRS sends it.