January 16, 2014 12:09 pm

FreeFile Begins

FreeFile is a no-cost way to figure your taxes online and submit your federal return electronically. FreeFile for 2013 returns opens on January 17, 2014 (although the IRS will not begin to process individual income tax returns until January 31, 2014. FreeFile can be used by those with adjusted gross income up to $58,000 (last year the income limit was $57,000). About 70% of all taxpayers are eligible for this service.

Those with income over $58,000 can use Free File Fillable Forms starting on January 31, 2014. This no-income option allows taxpayers who do not need preparation assistance to complete and file their federal income tax electronically. There are no income limitations to use Free File Fillable Forms.

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Tax Glossary

Fiscal year

A 12-month period ending on the last day of any month other than December. Partnerships, S corporations, and personal service corporations are limited in their choice of fiscal years and face special restrictions.

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