Tax preparation doesn’t have to be daunting or expensive

By Sheila G. Kelley, development coordinator

It’s tax season and, for much of us, preparing a tax return is outside our scope of knowledge. According to a survey by NerdWallet and Harris Poll, Americans are failing at basic tax knowledge, and a significant number of taxpayers could be needlessly paying for tax software and services that they might be able to get for free. In fact, the Internal Revenue Service (IRS) estimated in 2021 that about 70% of Americans — or about 100 million people — qualify to file their taxes for free.

The IRS has three tax assistance programs that offer tax help for taxpayers who qualify.

IRS Free File lets you prepare and file your federal income tax online using guided tax preparation. It’s safe, easy and no cost to you for a federal return.

Free File itself has two options for taxpayers. The first is guided tax preparation which provides free tax preparation and filing at an IRS partner site. Taxpayers whose adjusted gross income is $73,000 or less qualify for a free federal tax return.

The second, Free File Fillable Forms, is an electronic federal program of tax forms, equivalent to a paper 1040 form. It also provides a free option to taxpayers whose income is greater than $73,000.

Another tax program offered by the IRS for free basic tax return preparation to qualified individuals are the Volunteer Income Tax Assistance (VITA).

The VITA program has operated for over 50 years. Trained site volunteers offer free tax help to people who need assistance in preparing their own tax returns, including people who generally make $60,000 or less, persons with disabilities and limited English-speaking taxpayers.

In Harvey County, the VITA site is located at the Newton Public Library, 720 Oak. Those wishing to utilize this service should contact the library directly. Additional sites in the area are available in Marion and Sedgwick County. If unable to get services in Newton, just dial 2-1-1 to be connected to another site.

Don’t let expensive software or lack of tax knowledge turn into a costly mistake. Utilize the free services available and make the most of your tax return. With a solid, maximized tax return, you can implement financial strategies to reach more stability.

Remember, Tax Day is Tuesday, April 18, 2023!