How to Maximize Your Savings During Tax Time

January 29, 2020

by SaverLife

Taxes can seem daunting. But there are a lot of free resources out there to help you file your taxes for free, get reliable help with your taxes, take advantage of tax credits that you qualify for, and even win prizes this tax season! Here are four resources you should be aware of for tax-time.

1. See if you qualify to use Free File.

Free File is – you guessed it – a free option for filing your taxes for taxpayers who make under $69,000 a year. But you might not know that Free File gives you free access to the same brand-name tax preparation software that people buy. If you qualify for Free File, you can choose between different mainstream companies to file your taxes. And 70% of all tax payers qualify to use Free File – over 100 million people! Free File is now available.

2. Go to a VITA or TCE site to get free tax help.

If you’re concerned about doing your taxes online by yourself, see if you qualify to use Volunteer Income Tax Assistance (VITA) or Tax Counseling for the Elderly (TCE) services and find a site near you. VITA and TCE sites are staffed by IRS-certified volunteers. Many of these volunteers are retired and associated with non-profit organizations.

3. Claim your maximum tax credits.

If you qualify for the Earned Income Tax Credit (EITC), you can claim additional tax credits. Some taxpayers qualify for $6,000 or more in EITC. The income cutoffs vary by state, change yearly, and depend on how many children you have. You may not even realize you qualify! The IRS has a tool called the EITC Assistant that you can use to check how much tax credit you can claim.

4. Enter to win prizes for saving your tax refund!

To encourage people to save their tax refund, SaverLife is giving away $20,000 over the next few months. Take the tax refund pledge now and find out immediately if you’re a winner! Questions? Email us at help@saverlife.org.

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We hope you take advantage of these free resources this tax season! With just a little bit of work, you could save a lot of money and jumpstart your finances for the coming year.

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