1: Free Tax USA State
https://www.freetaxusa.
2: Cash App Taxes (Formally Credit Karma Tax)
https://cash.app/taxes
3: OnlineTaxes
https://olt.com/main/home/default.asp
4: IRS Free File: Do your Taxes for Free (for AGI $73,000 or less)
https://www.irs.gov/filing/free-f...s-for-free
IRS VITA and TCE Programs
The IRS's Volunteer Income Tax Assistance (VITA) and Tax Counseling for the Elderly (TCE) programs offer free basic tax return preparation to qualified individuals.
The VITA program has operated for over 50 years. VITA sites 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
More info: https://www.irs.gov/individuals/f...-taxpayers
Locator: https://irs.treasury.go
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Not sure if this changed, but Block didn't seem to offer guidance (unlike TTax,which is Q&A style and has useful info, along the way). Any example of a guidance difference ?
If the numbers are the same, there's no need to go to the accountant. Unless the value of your time is worth more than hiring an accountant.
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If the numbers are the same, there's no need to go to the accountant. Unless the value of your time is worth more than hiring an accountant.
ESPP = Employee Stock Purchase Plan
RSU = Restricted Stock Units
ESP = Employee Stock Purchase
All related to employees getting a certain % as Stock options in the company which at most times are vested or restricted to length to employment before you can sell or own the full amount "awarded" to you or purchased.
That said, Deluxe will do all this as you'll receive a 1099-B with the estimated value of the stock awarded/purchased and the gains on it based on what value you sold them at. I've used this version for that and its been fine.
Shahhere
Not sure if this changed, but Block didn't seem to offer guidance (unlike TTax,which is Q&A style and has useful info, along the way). Any example of a guidance difference ?
Also, generally when your RSUs Vest your employer will take the funds from the value of the shares and sell some of them to pay txxes (22%?). If your tax rate is higher then that then you'll owe more taxes on the value of the vested stock. So for example in 2022 50 of your stocks vested you'll see in the documents that you only received 39 stocks and the rest were sold to cover for the tax. 1099-B will cover this activity and when you enter this information in H&R it will inform you of the liability.
This is assuming you held them until vesting and did not sell them before as that changes the tax rates from long term gains vs short term gains which is taxed at a different rate. It also helps when you sell your RSU (not vest) that your fund manager is able to sell them for the least amount of gains by selling the lots of the more expensive stocks first vs First in First out method. If you have gains from this (which you would most likely) then its best to also sell other stocks that have losses on them to offset the gains but again for this you will need to read and educate yourself on the specific situation.
Shahhere
I agree with most of what you have said above especially the fact that H&R and TT would have you believe that you'd need their more expensive software to do the taxes right and to get the hand-holding needed. Most of what people need can be done with the download version of H&R Deluxe.
The part I disagree is that not everyone can educate and or understand their tax situations and make sense of how to use the right deductions and options and its a shame that our government makes this crap so hard and is aligned with the tax software's lobbying as it shouldn't be this complicated for the most part.
The Tax accountants and other Tax service locations aren't always a good option that will save your tons of money magically......as noted you as a tax payer have to understand parts of the tax options to know how and where you can deduct items the right way. A lot of times these places arent hiring 15-20 year veterans who are fluid in tax laws.
I started doing my own taxes about 3-4 years back as we used to give it out to a tax accountant as a whole family prior to that. An example of my education helping out is that he missed out on the child care credits where kids were going to summer camps as eligible for the deduction vs just the daycare expenses.
As said if you have complex tax situations then by all means you might need it but for most people this isnt the case.
Shahhere
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