FreeTaxUSA: A popular free tax service that, similar to the IRS Free Filing tool, allows you to file your federal return for free directly to the IRS. You can also file a state return for just $15. Although FreeTaxUSA is very affordable, it includes services for more complex filings, such as home ownership, investments, and small businesses. Cash App Tax: A mobile finance tool similar to Venmo, Cash App has taken Credit Karma and made it federal and state free. filing, and free defense audit. You can do your taxes via computer or phone, and even easily take a photo for your W-2 in the app. Reviewers have reported that the Tax Cash app doesn’t have the same support as paid services, and there’s no expert tax help available if you need it. It’s missing some forms and tax topics, and users can’t import 1099s, so it’s really only good for W-2 employees. H & R Block: This familiar name has been a reliable tax service provider for over 70 years, and has classic in-person help from tax experts, along with easy to use online tax services. It’s on the pricier side, but H&R Block does provide more user-friendly and comprehensive services, including do-it-yourself online packages, Online Help (which includes help from tax experts), services from tax providers, and computer software. WIRED offers H&R Block coupons to save you money if you decide to use this service. TurboTax: Another very popular tax service that serves millions of users, TurboTax has a free service for people who qualify, offering only a simple Form 1040 return. Along with self-service, there’s TurboTax Live Assisted, where you file online with the help of a tax expert if needed; and TurboTax Full Service, where a tax expert will do your taxes and review with you before filing. Top tax services-with advanced programs and expert help-can save you a lot of headaches. Generally, the IRS considers LLCs as corporations, partnerships, or as part of the owner’s tax return. For income tax purposes, LLCs with only one member are considered separate from their owners, and subject to net income tax from self-employment. If the LLC is a partnership, normal partnership tax rules apply, and all partners must file Form 1065, US Return of Partnership Income. Each owner must share a share of the partnership’s income, deductions, credits, etc. If the LLC is a corporation, corporate tax rules apply, and it must file Form 1120, US Corporate Income Tax Return. We are chronic procrastinators here, we get it. If you cannot file on time, you must file an extension by the tax deadline. This will cancel the tax filing deadline and protect you from possible failure penalties. But remember, the extension of time to file your return does not mean that the time to pay your taxes will also be extended. If you fail to pay your taxes by April 15—regardless of whether you were granted an extension—you may be asked to pay a penalty as well as interest on the unpaid balance. What Happens If You Miss A Deadline? This can result in fines. and interest, but if you file as soon as possible, you can minimize this penalty. If you can’t pay the full amount, you can set up a payment plan with the IRS to make additional payments during the year. If you forget or simply don’t file an extension (and owe taxes), you can face a late-filing penalty of up to 5 percent of the unpaid tax (4.5 percent for late filing and 0.5 percent for late payment). This penalty is imposed every month and will continue to accumulate every month until it reaches 25 percent of the unpaid tax at the time of filing. The government also charges interest on the unpaid amount, which varies depending on the amount and time you owe. You must pay off your balance in full to avoid accruing interest on daily underpayments. How Long Does It Take to Get a Tax Refund? The IRS usually issues your refund within 21 days of receiving your electronically filed federal return if you don’t have one. error or problem (fingers crossed). If you are old school and file a paper federal return, it usually takes twice as long, and it can even take up to eight weeks to get a refund. Timelines for state refunds vary by state, but electronic filing usually results in a faster refund compared to paper filing. In some cases, if you file your state taxes electronically, you can get your refund in five business days or more, and in about four weeks if it’s mailed. Where’s My Tax Refund? If you filed a federal income tax return, you can check the status of your tax refund on the IRS website or on the mobile application, IRS2Go. Remember, each state has its own process (and timeline) for state income tax. Again, paper returns generally take longer to process than electronically filed returns. Each state uses a slightly different system to allow people to check the status of their tax refunds. Generally, you need two pieces of information to check your refund. To check your status, you’ll need your Social Security number (SSN). (If you don’t have an SSN, most states allow you to use some type of ID, such as an Individual Taxpayer Identification Number, or ITIN.) In almost all states, you’ll also need to provide the amount of your money. refund. Sometimes you can round back to the nearest whole number, but some countries ask for exact numbers. Other countries may also require additional information, such as date of birth, filing status, or zip code. I recommend checking your refund on the IRS website first. Remember, this is the government, so your refund information may not be available. Your refund status should appear about 24 hours after you e-file the current year’s return, three or four days after you e-file the previous year’s return, or four weeks after you file your paper return. (Remember, you will need your SSN or ITIN, filing status, and refund amount to check refund status.) What are the Tax Brackets for 2024? Not sure if your tax rate will fall? It all depends on whether you are single, married and filing jointly, married but filing separately, or head of household. The tax rate increases, starting from 10 percent for the lowest income earner (making less than $11,600 as a single person), and rising to 37 percent for a single person or head of household making more than $609,351. Here’s a quick chart showing the amounts for projected tax brackets starting in 2024 that will be filed in 2025.
