Money
Here are some resources to start your process of filing Federal and State taxes cheaply, accurately, and electronically (or by paper, if sending things by mail is your thing).
Valentine's Day is almost here and that only means one thing: it's time to start filing taxes. So here are some resources to start your process of filing Federal and State taxes cheaply, accurately, and electronically (or by paper, if sending things by mail is your thing).
Forms, Publications, and Filing
Federal
Paper Forms: If you're old school, paper forms still exist and you can download all the forms and publications you want at http://www.irs.gov/Forms-&-Pubs. Don't forget to also check out Publication 970: Tax Benefits for Education.
Fillable Forms: If you still love the forms, but hate the paper, fillable forms might be your happy medium. For fillable forms, the IRS does the math, but you need to understand the tax laws.
Electronic Filing: If you make less than $58,000, you can file for free using software available on FreeFile from the IRS. As the IRS says, "software makes taxes easier." It's also faster and you don't have to pay for printing or stamps.
Here are the top three software programs according to the Internets:
- Turbo Tax: Useful for 1040EZ, 1040A, and 1040, but need to pay for an upgrade for other schedules and forms.
- H&R Block Free File: Includes more forms and schedules above the 1040 than Turbo Tax software.
- TaxAct Free File Edition: Includes FAFSA worksheet and schedules A and C, but not as easy to use as the other two.
Mind you, you might have to pay for an upgrade to do more advanced taxes. So while it's free to e-file your federal taxes, you may have to pay for using the software. You also have to pay to e-file your California taxes with this software, so see the next section to save money.
State (California)
Yes, you have to do your state taxes too. So here are the tax links for California.
Paper Forms and Publications: Paper lovers can also download forms and publications for California.
E-Filing: Save money and time by e-filing. It's free and easy to file online in California using their software. Use CalFile to file your state taxes for free.
Tax Preparation and Information
If you need some free help with preparing your taxes, you might want to consider VITA (Volunteer Income Tax Association), or if you have tax questions, consider using the IRS interactive tax assistant, visiting a tax assistance center in Santa Barbara, or calling the IRS directly.
VITA: If you make less than $58,000, you can get free help with your basic tax preparation from VITA. All preparers are IRS certified. However, their service is very basic. They do no provide assistance for filing past year taxes, completing amended forms, figuring out investment income, determining self-employment wages, filing out-of-state taxes, or doing itemized deductions.
Interactive Tax Assistant: This online assistant offers basic help for common tax questions. The interactive tax assistant will take you through a series of questions and provide you with a tax answer. There is also a tax assistant for education credits and for filing an extension.
Taxpayer Assistance Center: This is not a service for tax preparation. But if you have a tax question or tax issue that you feel is better handled face-to-face, then visit the local office on 1332 Anacapa St. You should also phone ahead for an appointment: 805-564-7555.
IRS Phone Assistance for Individuals: You can call the IRS directly to ask tax related questions. Be prepared for long wait times, especially if you call in April. Phone: 800-829-1040. Hours of Operation: Monday- Friday, 7 a.m. - 7 p.m.