How To File Your Federal Tax Return For Free

There are many options to for free federal tax returns entirely online without wasting either time or paper. The software available walks the filer through a series of concrete questions and steps using W2s, W4s and 1099 forms, among others. These resources make it possible for people with limited accounting or tax filing experience to do the work themselves and save money on an accountant. However, this method is only recommended if a person has a fairly straightforward report to file: 2 or less jobs, not independent contractors and limited additional income to declare. Otherwise, using an accountant may be best.

Options for Free Filing

Federal Free E-File - The IRS provides a free software online to allow for filing directly with them in a matter of 30 minutes to an hour. The advantage of this software is the return goes straight to the IRS and is often processed faster as a result. Those people who file electronically usually get their tax refunds earlier than those who mail in their returns.

Turbo Tax Online Free Edition - Turbo Tax is a well-known software providing individuals the freedom to file independent of an accountant. A limited version is available for free online for those people without many complications in their tax reporting. 

Other Accounting Companies - Accounting firms like H&R block have free software online. With most of these firms, there will be a nominal fee to have the filing reviewed by a professional, typically around $20.

What you Need

All tax forms - Gather your forms for this year and last year; it is important to have your documents from last year. This includes anything mailed to you from an employer including W4, W2, 1099 and other documents. You will also need anything you received on investment portfolios.

All receipts you will declare - Any charity or business expense receipts you intend on declaring should be immediately accessible. You should also have any information on renter's tax credits, marriage credits or dependents you are looking to declare.

What to Ask

You can ask a professional any remaining questions for a small fee. Write these questions down as you prepare your taxes.

Ask about whether home purchases, insurance or medical expenses may be deductible given the situation.

Plan on paying the professional based on the short amount of time he or she offered for this advice, typically much less than you would if you paid to have the person do the taxes.

How to Pay

Once you submit your documents online, you will be able to keep track and see when they are accepted.

When they are accepted, you can choose to pay online or via check in the mail.

Paying online provides for either direct deposit into your account for a refund or direct debit to the IRS for any remaining balance.

Paying online is usually faster, allowing for your taxes to be complete well before the April deadline.