Ways to File Taxes for Free, IRS Audit Red Flags?, Withholding Tax From Social Security Benefits

Ways to File Taxes for Free This Year | Should Your Child File a Tax Return? | IRS Issues Another Tax Warning for Some High Earners Created for {EMAIL} | [Web Version]( March 10, 2024 CONNECT WITH KIPLINGER  [LinkedIn]( [Facebook]( [X]( [Youtube]( [Youtube]( [Tax Tips]( [SIGN UP]( ⋅ [WEBSITE]( [] Filing Options [] [Ways to File Taxes for Free This Year]( [Ways to File Taxes for Free This Year]( (Getty Images) Tax Day is about six weeks away. And, although the IRS has issued about $67 billion in refunds for over 34 million filed returns, many people still need to file their federal income tax returns. If you are one of those people and would like to file your taxes free of charge, several options are available. This tax season, for some, [those options include a new limited Direct File pilot program offered by the IRS in twelve states](. [] Tax Returns [] [Should Your Child File a Tax Return?]( [Should Your Child File a Tax Return?]( (Getty Images) If your child or children recently started working (or otherwise earning income), they may need to file a tax return this year — and they might need your help to do so. Additionally, if your child has to file, their income may impact your tax liability. However, that isn't always the case. Sometimes, a parent can file as they normally did before their child began working. So, can you? [Here's what you need to know about your and your child’s taxes for this 2024 filing season](. [It's Not Too Late to Open an IRA]( Did you know you can save for retirement at the same time you care for the planet? Open or roll over an IRA with Domini, and you'll get both a tax advantage and help to mitigate climate change too—all of our Funds are fossil fuel-free in accordance with our investment standards. Explore the Domini Impact Equity Fund. [Open a Fossil Free IRA]( [LEARN MORE]( ADVERTISEMENT [] In the News [] [IRS Issues Another Tax Warning for Some High Earners]( [IRS Issues Another Tax Warning for Some High Earners]( (Getty Images) It is important to file your federal income tax return by the due date each year. Recently, the agency has identified more than 125,000 high earners who have not filed returns dating back to 2017. Most of these wealthy nonfilers earn between $400,000 and $1 million per year. This nonfilers initiative focused on high earners is part of the IRS’ ongoing efforts to improve tax enforcement and compliance and ensure fairness in the federal tax system. [The IRS is warning that If you don’t file, the agency may file a substitute return for you](. Featured Content Sponsored Content from The Kiplinger Tax Letter [Stop Overpaying on Your Taxes.]( Get a [FREE ISSUE]( of The Kiplinger Tax Letter and never pay one cent more than necessary on your taxes, for yourself, your business, or your clients. Then save up to 58% off the cover price to subscribe, and get exclusive special issues such as New Tax Rules This Year, Year-End Tax Planning, or other topics. [CLICK HERE]( [] Taxes in Retirement [] [Withholding Tax From Your Social Security Benefits]( Managing your tax liability effectively during retirement is important, especially since up to 85% of Social Security benefits can be taxed depending on your income. So, how can you avoid the surprise of owing the IRS more than you expected when tax season arrives? While not required, choosing to have taxes withheld from your Social Security checks is an option. [Read More]( [Don't Bet Your Retirement on the Stock Market. Follow these 4 Tips]( If your retirement savings are in the stock market, you need to manage your risks. Here are four tips to consider in a plan for income: 1. Lifetime annuities 2. High dividend portfolio 3. Balanced portfolio for IRA withdrawals 4. Conservative estimate of market performance Go2Income plans average a starting income of 5.5% – following this advice. Get your number with a complimentary Go2Income plan today. [Order Your Plan]( ADVERTISEMENT [] In Case You Missed It [] [IRS Audit Red Flags]( Since it’s tax season, you may be feeling anxious about the possibility of an IRS audit. Your likelihood of being audited by the IRS generally depends on a variety of factors, such as your income, the complexity of your return, deductions, credits, or other tax benefits you claim, whether you operate a business or own foreign assets. So, in case you missed it, here is a list of tax return red flags that could draw unwanted attention from the IRS. [Read More]( [Ways To Potentially Lower Your Taxes]( Consider these actions throughout the year to help reduce the amount you owe in taxes. The sooner you start preparing for the tax season, the more flexibility you'll likely have to pursue tax strategies that could potentially benefit you. [READ MORE]( ADVERTISEMENT [] STOP OVERPAYING ON YOUR TAXES [] [STOP OVERPAYING ON YOUR TAXES]( (Kiplinger) Get a [FREE ISSUE of The Kiplinger Tax Letter]( and never pay one cent more than necessary on your taxes, for yourself, your business, or your clients. Then [save up to 58% off the cover price]( to subscribe, and get exclusive special issues such as New Tax Rules This Year, Year-End Tax Planning, or other topics. [CLICK HERE]( ABOUT KIPLINGER When we write about money, we get it right. So the decisions you make with your dollars are also right. Kiplinger is a trusted provider of unbiased financial advice, objective business and economic forecasts, and practical help to millions of business professionals, investors, and individuals seeking to make more profitable decisions with their money. 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