Mediaboss Marketing

By Kay Bell, Bankrate.com

Taxpayers who want to take advantage of the Internal Revenue Service's free tax preparation e-filing program won't have to wait. The Free File program opens to taxpayers on Jan. 17, two weeks before the IRS starts processing 2013 tax returns.

The IRS will not start processing any tax returns until Jan. 31. The government shutdown in October 2013 slowed IRS updates of forms and tests of its computer systems, leading officials to push the official opening of this year's filing season to the end of the month.

But that doesn't mean taxpayers have to sit around. Free File companies will hold taxpayers' completed tax returns and then submit them on Jan. 31.

The early opening of Free File is good news for millions of eligible taxpayers. They are among the group of electronic filers, which increases every year, primarily because they can get their refunds more quickly.

And for the 2014 filing season, a few more taxpayers should be able to use the Free File option. The income eligibility limit has been increased to $58,000. That's $1,000 more than last year.

Free File 2014 basics

You can file your 2013 tax return through Free File if your adjusted gross income is $58,000 or less.

The income cutoff applies regardless of your filing status.

Free File is for individual, not business, tax returns. However, a sole proprietor who files Schedule C with Form 1040 can use Free File.

Read the original post:
Free tax e-filing program