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How to File your 2024 Tax Return for Free

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January 28, 2025

TLDR: Learn about ways to file your 2024 tax return for free using online software programs and government-sponsored services; discuss several stocks including IIPR, VTI, CCJ, EQR, AIRR, AAPL.

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Filing taxes can be a daunting task, especially for those looking to save money. In this podcast episode, we explore multiple avenues for filing your 2024 tax return without incurring costs. From government-sponsored services to free online software, there are several viable options available.

Key Points in the Discussion

Understanding Your Filing Needs

The need for a specific filing service often depends on individual circumstances, including your income level and how complex your tax situation is. Here are some vital points mentioned:

  • Income Thresholds: Various free filing options are available depending on your income. For example, those earning under $84,000 annually can utilize IRS Free File services.
  • Optimal Use of Free Resources: If your tax situation is straightforward (e.g., standard deduction without itemizing), using free software from reputable sources like TurboTax or H&R Block can be beneficial.
  • Complex Situations: If your tax return involves business income, rental property, or extensive itemizations, hiring a CPA might be more efficient despite the associated costs.

Free Filing Options

Several programs offer resources to file taxes for free.

  1. IRS Free File: For individuals under $84,000 earning primarily W-2 income, the IRS offers this straightforward service.
  2. Major Tax Software: Platforms such as TurboTax, TaxAct, and H&R Block allow users to file simple tax returns without charges.
  3. VITA (Volunteer Income Tax Assistance): This program targets low-income earners (less than $67,000) and others like people with disabilities or limited English.
  4. Tax Counseling for the Elderly: Focused on seniors, this service assists those aged 60 and older, ensuring they can file their taxes without hassle.
  5. MilTax: Specifically for military personnel, this service offers tax help and is tailored to the unique situations they may encounter.
  6. Direct File: Some states offer their own programs, allowing residents to file directly without costs.

When to Seek Professional Help

While free services cover various needs, those whose finances are more complex should consider professional help:

  • Owning Multiple Properties: Individuals with several rental properties or extensive investments may benefit from a CPA's expertise.
  • Itemizing Deductions: If you have significant deductions such as medical expenses or charitable contributions, a CPA can help maximize your returns and minimize liabilities.

Additional Considerations

  • Cost vs. Savings: Hiring a qualified CPA can lead to potential savings that outweigh their fees, especially for complicated tax situations.
  • Long-term Financial Health: It's essential to carry out regular assessments of your finances, including tax strategies, for sustained fiscal health.

Conclusion

In conclusion, taxpayers have numerous avenues to file their 2024 tax returns for free. From utilizing free online software to engaging in volunteer tax services, understanding your financial situation is critical in selecting the best option. However, if your tax situation is complex, investing in a qualified CPA may ultimately save you more in the long run. This podcast episode provided valuable insights into efficient tax filing techniques and pointed out that proactive financial planning is key to long-term success.

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