Frugal Ways to File Your Taxes

Finding the Cheapest Way to File Taxes

Tax season is upon us, and that means it’s time for number crunching and filing your taxes! While some may dread the process, others may find excitement in the prospect of a refund. However, the time and money spent on filing can be daunting. Fortunately, there are several frugal ways to file your taxes without breaking the bank. Here are some of the best options to keep your costs low this tax season.

Your Low-Cost Tax Filing Options

1. TaxAct

TaxAct is a solid choice for budget-conscious filers. It offers free federal tax returns, with a fee of $39.95 for each state filing. If you need additional features, such as assistance from tax professionals, consider their deluxe, self-employed, and premier tiers.

2. TurboTax

As a leader in the DIY tax software market, TurboTax allows you to file federal taxes for free, but only for simple tax situations. For more complicated returns, you may need to upgrade to one of their paid editions. If your tax situation is straightforward, the free edition is a great option.

3. Free File Alliance

The Free File Alliance is a non-profit group of tax software companies partnered with the IRS to provide free federal tax filing for eligible Americans. If your adjusted gross income (AGI) is $79,000 or less, you can file for free! This option is best for experienced filers, as it may not offer extensive guidance.

Learn more at irs.gov/freefile.

4. H&R Block

H&R Block is another popular choice for low-cost tax filing. They offer free filing for simple income tax returns, including education-related and unemployment income deductions. With various tiers available—free, deluxe, premium, and self-employed—you can find an option that suits your needs.

Consider a Small Loan for Filing Costs

If you prefer not to use the low-cost tax filing options mentioned, you might consider taking out a small loan to cover filing expenses. While free tax filing options can help you save money, more complex situations may require paid services for added convenience and support.

Conclusion

Filing your taxes doesn’t have to be expensive. With options like TaxAct, TurboTax, the Free File Alliance, and H&R Block, you can find a cost-effective solution that fits your needs. Take the time to evaluate your options and choose the cheapest way to file your taxes this season!