At Extreme Investor Network, we understand the importance of maximizing your financial opportunities, which is why we are excited to share the latest news on the IRS Free File program extension. The IRS has announced that the Free File program will be extended through 2029, allowing most Americans to file their federal taxes for free through a partnership with private tax software companies.
This season, Free File processed 2.9 million returns, showcasing a 7.3% increase compared to the same period last year. This extension comes as great news for taxpayers, allowing them to continue utilizing this valuable resource for years to come.
One key update for the upcoming tax season is that Free File will now be available for those with an adjusted gross income of $79,000 or less, up from $73,000 in the previous year. Additionally, Fillable Forms will still be available for all income levels, providing a flexible option for taxpayers of all financial backgrounds.
In addition to the Free File extension, the IRS also recently unveiled its Direct File pilot program, which saw over 140,000 taxpayers successfully file returns directly with the IRS, saving an estimated $5.6 million in tax preparation fees for federal returns. The future of Direct File will be decided later this spring, following input from various stakeholders.
At Extreme Investor Network, we believe in keeping our readers informed about the latest developments in personal finance, so make sure to stay tuned for more updates and insights on how to make the most of your financial resources. Stay ahead of the game with Extreme Investor Network.