When the tax time comes closer, some people panic every time with a thought of dealing with tax papers, receipts and other documentation. However, some handle the tax season much easier. They easily go through the entire process of filing their returns and hopeful for getting a sizable refund.
Suppose you have a small or home based business, then you have many business-related items to deduct, and receipts to keep up with when it comes to doing income tax online. In this case, your taxes could be complicated, and therefore, you may need to working with or consult an accountant. On the contrary, if you have less complicated tax situation, then you can do it yourself online using free software without taking help from the professional one.
Most people think that a professional accountant is more likely to be aware of your deductions that you may personally forget to claim when you are doing it yourself. As the tax laws are constantly changing, it is difficult for business owners to consider every deduction they are eligible for. A professional accountant is normally in habit of constantly being updated in these matters, and may have a better idea of which items you need to deduct.
In order to file your IRS income tax online for free, you should drop by the IRS website to see whether you are eligible for using “Free File” software for preparing federal taxes and e-filing return for free. If you have your earning or AGI (adjusted gross income) is less than $57,000, then you are able to use it. You can find out other online e-filing services that offer tax return preparation and e-filing option for free.
Whether you choose to work with a professional accountant, or prefer to do online income tax yourself, you will find that the IRS website is the best source of information. The website also offers downloadable tax forms and a contact page where you can get help from the IRS representatives.
