FreeTaxUSA is an online tax filing service that serves both federal and state tax returns. Founded with the aim of making tax filing accessible to everyone, FreeTaxUSA allows users to file their taxes for free. This service is especially beneficial for people who do not have complex tax situations and who prefer to handle their taxes independently.
Save money: Many people in Chicago want to save money, especially during tax season. With FreeTaxUSA, you can file your federal return for free and your state return for a small fee, helping you save even more money.
Local assistance: FreeTaxUSA understands Illinois tax laws. They can help you find local tax credits, such as the Illinois Earned Income Tax Credit.
Safe and secure: FreeTaxUSA takes your privacy seriously. They use strong encryption to protect your personal information from unauthorized access.
Here's a simplified version of the steps to get started with FreeTaxUSA:
1. Create an account: Visit the FreeTaxUSA website and sign up for a free account. You'll need to provide basic information like your name, email, and password.
2. Gather your documents: Gather important documents like W-2 forms and 1099s. Having these ready will make filing easier.
3. Start filing: Log in and follow the prompts to enter your information. The platform will guide you with questions and tips.
4. Review and submit: After completing your return, check the accuracy of your information. Once you're satisfied, submit it electronically for faster processing.
5. Track your refund: After you file, you can track the status of your refund on the IRS website. Many users find that e-filing with FreeTaxUSA leads to faster refunds.
Chicago residents can claim several tax deductions and credits, including:
The Illinois Earned Income Tax Credit (EITC): This credit benefits low- to moderate-income workers and can significantly boost your refund.
Property Tax Credit: Homeowners can deduct a portion of their paid property taxes, helping to reduce taxable income.
Child Tax Credit: Families with children may qualify for this credit, which can provide substantial savings on their tax bills.
FreeTaxUSA is a great option for Chicago residents who want to simplify their tax filing process while saving money. With its user-friendly platform, local assistance compliant with Illinois tax laws, and strong security measures, it provides an accessible solution for both federal and state tax returns. By taking advantage of available deductions and credits, such as the Illinois Earned Income Tax Credit and the Child Tax Credit.