Income Tax Season – 2024

It is almost that time again, and not too early to start to get your tax information ready.

On the personal side, if your return is pretty basic (not complicated), you might want to consider the IRS’ free filing software, “FreeTaxUSA.com” This is the Free File Program run by the Internal Revenue Service. They advertise that it handles all tax situations, including income from retirement, investments, rentals and self-employment. Maybe so and maybe not ? It is supposed to be straight forward .

You will need a computer, printer and internet service.

I have not used it, so I can only go by what is represented by their web-site.

There is a Deluxe version that sells for $7.99 and includes chat support; a Pro version that costs $49.99 and provides access to a tax professional who will walk you through the filing process via a phone call or screen. They also provide you with a state return for $14.99.

FreeTaxUSA also offers additional services, such as “Audit Defense” for $19.99, and “Amended Returns” for $15.98.

If you have access to a computer and your return isn’t complicated, I would give it a try.

There are also other services available, such as TurboTax, H & R Block, and local C.P.A. firms. There is a cost associated with these services, and it will vary based upon the complexity of your return.

If you operate a business that is an LLC, Corporation, Sub S- Corporation or Partnership, you may need a professional service to prepare your returns. Better safe than sorry! Again, the cost associated with these services will vary, based upon the complexity of the return.

Again, it is not too early to start gathering all the documents that you will need.

Jess Sweely

Madison, Va,

October 23, 2024