Tax Day is looming, and let's be honest, it can feel overwhelming. Are you worried about making mistakes? Wondering if you're missing out on potential refunds? You're not alone! Millions of people struggle with tax preparation each year. But what if I told you there's a way to simplify the process and potentially put more money back in your pocket?
Since 2009, United Way's MyFreeTaxes program has been helping people like you navigate the complexities of tax filing. They've assisted over 1.45 million individuals across the U.S., saving them a whopping $290 million in filing fees and securing more than $2.1 billion in refunds!
What is MyFreeTaxes, and Why Should You Care?
MyFreeTaxes is the largest free, online tax filing product offered by a nonprofit. If you earned less than $84,000 last year, you can use this secure software to file your federal and state taxes online – absolutely free. It's designed to walk you through the entire process and even identify common tax deductions and credits you might be eligible for. Last year alone, MyFreeTaxes helped people get back $18.9 million in Earned Income Tax Credits (EITC) and $10.5 million in Child Tax Credits!
Beyond using MyFreeTaxes, tax experts recommend these four key tips to minimize errors and maximize your refund:
1. Choose Your Filing Status Wisely
One of the most frequent mistakes is selecting the wrong filing status. This seemingly small detail can significantly impact your eligibility for credits and deductions, the value of your standard deduction, and even your tax bracket.
For instance, if you're going through a divorce and have children, figuring out whether to file as "married filing jointly," "married filing separately," or "head of household" can be confusing. MyFreeTaxes can help you answer these tough questions. Plus, you can access their Help Line and speak with a real person trained by the IRS!
2. Double-Check Everything!
It sounds basic, but it's crucial. Always double-check your personal information, your spouse's, and your dependents' details, including Social Security numbers. And pay close attention to the numbers you pull from your W-2. Transposing numbers or entering them in the wrong fields are common errors that can cause delays or issues with your return.
3. Don't Leave Money on the Table!
Did you know nearly 5 million American taxpayers leave an average of $3,000 unclaimed each year? It's true! Many people miss out on common deductions and exemptions. MyFreeTaxes automatically screens for credit and deduction eligibility, including the EITC and Child Tax Credit.
Speaking of EITC, almost 20% of eligible people don't claim it. Depending on your income and the number of children you have, that could mean missing out on up to $7,000! Even if you don't earn enough to file a return, you might still qualify for EITC, as it's a refundable credit. Check your eligibility on MyFreeTaxes.com!
4. Educate Yourself on Education Credits
Education credits are another often overlooked benefit. Depending on the type of academic program, the student's year in school, income, and other restrictions, you might be able to claim the American Opportunity Tax Credit (up to $2,500) or the Lifetime Learning Credit (up to $2,000). The MyFreeTaxes software automatically screens for these credits as you complete your return.
Make Tax Season Easier with MyFreeTaxes
Using MyFreeTaxes can help you avoid these common mistakes and potentially get a larger refund. Best of all, you can complete your taxes in about an hour on your phone, tablet, or laptop – and save on tax preparation fees!
MyFeeTaxes also offers special tax guides for small business owners, home-based childcare businesses, and gig economy entrepreneurs. Plus, they’ve added a Disaster Resilience Tax Guide developed to meet the needs of filers who were affected by a natural disaster.
Ready to get started? Head over to MyFreeTaxes.com today and take the stress out of tax season!
