Every year, as the tax deadline approaches, citizens scramble to pull together documentation and complete complex calculations. This process can be quite overwhelming, especially for those who deal with unique tax situations such as self-employment, investment income, or the inclusion of the international tax law’s minimum tax concept known as ‘gilti‘. To alleviate the burden, various resources offer free tax help. These services range from online tools and forms to in-person assistance from tax professionals.
Online Resources
An array of websites and online platforms provide free tax help. Most of these resources are designed to answer general tax questions, provide clarification on complex tax terminology, and guide users through tax preparation. They may also offer calculators and tools to assist with tax estimates and preparations.
The Internal Revenue Service (IRS) is the primary reference for tax-related queries in the United States. Their comprehensive website offers various forms, publications, tools, and resources to help taxpayers understand their obligations and complete their tax return tasks. The IRS also provides the Free File program- a service aimed at helping taxpayers with income below a certain threshold prepare and file their taxes digitally without any charge.
In-person Assistance
In addition to online resources, several organizations provide free in-person tax help. These include community volunteers and tax professionals who donate their time to aid those in need of tax assistance.
The Volunteer Income Tax Assistance (VITA) program offers free tax help to people with limited income, persons with disabilities, the elderly, and limited-English-speaking taxpayers. Certified volunteers sponsored by the IRS offer consultation, preparation, and filing of basic tax returns.
The Tax Counseling for the Elderly (TCE) program also provides free tax help for all taxpayers, particularly those who are 60 years of age and older. This service specializes in questions about pensions and retirement-related issues unique to seniors.
Other Free Tax Help Resources
For small businesses and self-employed individuals, the Small Business Administration (SBA) provides several resources. These include tax guides, information about filing and paying taxes, and resources on tax credits and deductions relevant to businesses.
For taxpayers dealing with the complexities of international tax law, resources are available that specifically dissect aspects such as ‘gilti’. Global intangible low-taxed income (GILTI) is a type of foreign income that has been subjected to a new category of foreign income inclusion under the Tax Cuts and Jobs Act of 2017. Understanding this concept can be critical for U.S. citizen business owners who operate abroad.
Conclusion
Tackling tax-related tasks doesn’t have to be a daunting endeavor. Varieties of free tax help resources are readily available, ranging from online platforms to in-person assistance programs. These resources are designed to guide citizens through each step of the tax preparation process, providing answers to questions and clarifying intricate aspects such as ‘gilti’. With these resources, taxpayers can confidently navigate tax season and potentially maximize their refunds in the process.