The thought of tax season can feel daunting for many individuals. The process can be complicated and often time-consuming. Thankfully, in 2021 there are several tools and resources to help make this task much easier. In fact, there are ways to file your taxes completely free. Yes, it’s true – ‘free tax filing 2021‘ is a real possibility, and you might be eligible for it. Moreover, the integration of tax filing in your family office real estate affairs is also possible. Let us dive in to learn more.
Free Tax Filing 2021: Who Can Utilize It?
Free tax filing is typically available for three groups of people: those who earn less than a certain income threshold, those comfortable doing their taxes without handholding, and those over the age of 60. In 2021, this free service is designed to help take some of the stress out of the tax season and make filing easier.
The IRS Free File Program
The IRS Free File program works in collaboration with many tax software providers to offer free federal tax filing to those who qualify. If your adjusted gross income is $72,000 or less, you’re eligible to use this service.
Commercial Tax Software
Some commercial tax software companies, like TurboTax Free Edition and H&R Block Free File, also offer free options for simple tax situations. These programs offer step-by-step guidance and are designed to be user-friendly for even tax novices.
Volunteer Income Tax Assistance (VITA) and Tax Counseling for the Elderly (TCE)
The VITA and TCE programs are additional resources that provide free tax help for those who qualify, including people who generally make $57,000 or less annually, persons with disabilities, and taxpayers over the age of 60. Trained IRS-certified volunteers help prepare basic tax returns in these community-based programs.
Free Tax Filing 2021 and Family Office Real Estate
Now, let’s turn our focus to the usage of free tax filing 2021 in the context of family office real estate. Family offices manage the wealth and affairs of affluent families, including real estate investments. These offices commonly deal with complex tax situations, often involving different types of income, such as rental income, capital gains from property sales, and expenses that may be tax-deductible.
While free tax filing may not handle all the complexities of a family office real estate tax return, it can be a tool to expedite the process. Using free fillable forms provided by the IRS Free File program, a family office can input the necessary financial information and perform basic computations automatically. These forms accept and display all line items exactly as they appear on the printed forms of the IRS. Moreover, such forms might help the family office file the income tax returns for their employees.
Final Thoughts
Understanding taxes and the process to file them doesn’t have to be daunting. Help is available, and free tax filing 2021 tools can make it easier for you, regardless of whether you’re an individual taxpayer or managing a family office real estate. The main thing is to gather all your information, assess your eligibility for free filing, and dive in. With the right tool on your side, you can conquer the tax season with confidence.