Filing taxes doesn’t need to be a daunting or expensive endeavor. Several reputable and free platforms are available where you can quickly and easily fill out your tax returns without costing you a dime. This article will guide you through your options of where to file taxes for free, and it will also discuss what cfc gilti means in the context of taxation.
IRS Free File
For taxpayers whose adjusted gross income is $72,000 or less, the Internal Revenue Service (IRS) provides a ‘Free File’ program. Partnered with leading tax preparation software companies, this program enables taxpayers to use branded products free of charge. If your income surpasses the specified limit, you can still use ‘Free File Fillable Forms,’ a more rudimentary service provided by IRS.
H&R Block’s Free File
H&R Block, a renowned company in the tax preparation business, also offers a free online tax filing service. The H&R Block’s free filing service covers individuals with an adjusted gross income of $72,000 or less and provides step-by-step guidance to ensure error-free filing.
TurboTax Free File Program
TurboTax comes in as another robust platform that allows eligible individuals to file their taxes for free through the IRS Free File Program. This service is available to those earning an adjusted gross income of $39,000 or less, or those who are eligible for the Earned Income Tax Credit (EITC).
Credit Karma Tax
Credit Karma Tax provides users with a completely free tax filing service, without any income restrictions. This service supports a vast array of tax forms, making it suitable for more complex tax situations as well.
TaxAct Free Edition
TaxAct’s Free Edition provides free federal and state tax filing for simple tax returns, i.e., those that can be filed on a Form 1040 without any schedules. With a pristine online interface, the tool provides a seamless experience for the end-users.
While these platforms suffice for regular tax filing, it’s essential to remember they might not cover everything, particularly for individuals and businesses with complex tax situations. One such situation may involve understanding and applying cfc gilti.
Understanding ‘cfc gilti’
cfc gilti, also known as Global Intangible Low-Taxed Income (GILTI), is a US tax law provision relevant to US taxpayers that own controlled foreign corporations (CFCs). Passed as part of the Tax Cuts and Jobs Act in 2017, GILTI rules are designed to prevent tax avoidance by multinational companies that shift their profits to low or zero-tax jurisdictions.
If the GILTI applies to your tax scenario, complex calculations and potential additional liabilities may follow. In such situations, you might want to consider seeking assistance from tax professionals who specialize in international tax laws.
Conclusion
Taxes don’t have to be taxing, nor do they have to cost you. Depending on your income and the complexity of your tax situation, there are many reputed free platforms such as IRS Free File, H&R Block, TurboTax, Credit Karma Tax, and TaxAct, where you can file your taxes for free. However, remember to seek professional assistance if your tax scenario involves complexities like cfc gilti.