Three Last-Minute Tips To Save Time And Money This Tax Season

ROCKVILLE, Md., April 14, 2015 /PRNewswire-USNewswire/ -- One in five households waits until the April 15 deadline to file federal and state taxes, according to the IRS. Research shows that last-minute filers often fall victim to common tax errors like overpaying for tax preparation and filing and not claiming valuable tax credits and deductions. With the tax filing deadline just hours away, last-minute filers should keep these three tax tips in mind:

1. Use simple and free tax software:
Most last-minute filers are unaware of their options. More than half of all individuals and families in the United States earned $60,000 or less last year, making them eligible for free tax preparation and filing assistance. Instead of making an appointment with a tax preparer and paying on average more than $200 to file, eligible taxpayers should use MyFreeTaxes.com, the nation's first free online platform that can be used to file federal and state taxes in all 50 states and the District of Columbia. More than 47 million people self-prepared their tax returns last year, a six percent increase from 2013 filing data according to the IRS. There are many free options for filers; however, MyFreeTaxes is the only such nationwide initiative, and it has enabled millions of individuals and families to claim billions of dollars in tax credits and refunds since it began in 2009.

Funded by the Walmart Foundation and operated in partnership with Goodwill Industries International, National Disability Institute and United Way, MyFreeTaxes works with filers to maximize their refunds and help eligible families and individuals claim valuable tax credits to keep more of their hard-earned money and invest in their futures.

2. Claim tax credits and add deductions:
Many filers rushing to get their tax returns in before the April 15 deadline often miss out on valuable tax credits and deductions that can decrease their tax liability and increase their tax refunds. Households with adjusted gross incomes (AGIs) of $52,427 or less last year may qualify for the Earned Income Tax Credit (EITC) and are eligible to receive as much as $6,143 back from the IRS. Taxpayers who have never claimed the EITC in the past may qualify for the first time this year due to changes in their income, or marital or parental status. Individuals and families can determine their eligibility for this valuable credit by using the EITC Calculator. According to the IRS, one eligible worker in five is unaware he or she qualifies for the EITC and does not claim it.  

Taxpayers should remember to add charitable contributions, school payments and child care costs to their tax returns, as these expenses can also reduce the overall tax burden.

"We know that anyone who hasn't filed by now is scrambling to finish, but don't overlook the importance of being thorough even in this time crunch," said personal finance columnist and MyFreeTaxes spokesperson Patrice Washington.  Having the most accurate information ensures that, through deductions and credits, taxpayers can keep more of their hard earned money in their pockets."

3. Save time and e-file:
The IRS strongly urges taxpayers who have not yet filed their federal returns to do so electronically. Tax returns filed electronically are generally processed faster, and refunds, if applicable, are issued more quickly. MyFreeTaxes offers comprehensive tax software, powered by H&R Block®, to help taxpayers prepare and e-file their returns to ensure tax returns are quickly received by the IRS, with the least amount of errors. Taxpayers requiring additional assistance can contact the MyFreeTaxes helpline at 1-855-My-Tx-Help (1-855-698-9435), or get help through online chat support. Representatives are available Monday – Saturday, 10 a.m. – 10 p.m. (EDT) via phone or online chat.

If taxpayers filed extensions with the IRS or missed the tax deadline, qualifying individuals can still use MyFreeTaxes.com through October 15 to complete their federal and state returns for free.

About MyFreeTaxes

MyFreeTaxes provides free federal and state tax preparation and filing assistance, both online and in person, to individuals and families with household incomes of $60,000 or less in 2014. MyFreeTaxes.com is the first and only free online platform that can be used to file federal and state taxes in all 50 states and the District of Columbia for those who qualify. The national initiative is funded by a $4.1 million grant from the Walmart Foundation and championed by three leading nonprofits: Goodwill Industries International, National Disability Institute and United Way. To learn more, visit MyFreeTaxes.com or follow us on Twitter @MyFreeTaxes and find us on Facebook at MyFreeTaxes.

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