January 8, 2024

New IRS plan to reduce tax filing costs for many

 Newsweek - The Internal Revenue Service is launching a new pilot service that will allow Americans to file their tax returns for free and without the need for a third-party service...Because the pilot program has no fee attached to it, it could save workers hundreds of dollars a year. According to a National Society of Accountants study conducted in 2021, the average cost for preparing Form 1040 with Schedule A to itemize personal deductions, and a state income tax return, was $323. Fueled by financial support from the Inflation Reduction Act of 2022, which opened up $80 billion to help overhaul the IRS, the pilot service will be available in English and Spanish and can be accessed on desktop and smart devices.


No comments: