GREENSBORO, N.C. — Why pay to file your taxes if you don’t have to? There is the possibility of free electronic filing for anyone who makes less than $73,000 a year.
But if you Google the words free tax filing, you’re likely to get confused about which link will really lead to a free e-file. 2WTK Googled the words and found the first four entries are sponsored ads from companies. The IRS site is down the page.
To be sure that you get to file for free, go to the IRS website only. There are several options for tax software for you to choose from.
Whether you end up filing for free, paying for software, or going to a preparer, Tax Day is April 18, 2023. If you don't think you're going to make the date and may need an extension, don't miss this.
"It's an extension to file, not an extension to pay. If you owe money and you did file an extension, you'll probably receive a penalty for paying late, but there's also a penalty for filing late. By doing the extension, you avoid one penalty,” said Adelfino Palacios, Professor of Accounting.
The IRS has payment plans for folks to pay their taxes. It’s much like putting it on a credit card, the IRS charges interest.
Besides the IRS penalties for not filing or not filing on time, there are other issues that can impact your everyday life.
"If you're applying for a home loan if you're trying to apply for credit. If you owe the government or IRS money, it pops up and that could be quite a headache for you in trying to get a house or trying to get a car,” said Palacios.