The annual race to get taxes prepared and filed on time has officially begun as the At the end of last week, the IRS launched this year's edition of Free File in conjunction with the Free File Alliance. Changes this year include more free state tax return options and easier Form W-2 imports. Free File is open to taxpayers who adjusted gross income was $62,000 annually or less during 2015.
The IRS says 13 tax software vendors are providing tax software for free to those eligible. The agency and the Free File Alliance emphasized all parties are active participants in the Security Summit Initiative, whose steps include multi-factor authentication, along with requirements for stronger passwords
The deadline for filing returns in most states this year is Monday, April 18, because Emancipation Day in Washington D.C. falls on Friday, April 15. The April 18 Patriot's Day observance in Maine and Massachusetts extends deadlines in those states through Tuesday, April 19.
The IRS expects more than 70 percent of taxpayers to receive tax refunds this year. Last year, the IRS issued 109 million refunds, with an average refund of $2,797. There were 150.9 million returns processed through December 25, 52 percent of those electronically filed by paid preparers. The IRS reported 128.8 million returns filed electronically, 85.3 percent of all returns filed with professional preparers producing 60.9 percent of all returns transmitted electronically.
