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Before you go paying for a tax prep service, remember that chances are you qualify for free tax filing. If your household had $54,000 or less of income in 2007 (and if you’re a recent grad & your parents no longer claim you as a Dependant than you probably qualify), then you can prepare and file your taxes online for free using tools that the Free File Alliance — a group of tax software companies which includes Intuit (maker of Turbo Tax), H&R Block and EZTax Return — members provide.

According to the Free File Alliance’s website, only a very small portion of eligible taxpayers take advantage of the Free File program currently. Approximately 3.9 million taxpayers used the Free File program in 2007, though about 95 million are eligible- so why not go ahead and get yours?!

Things to remember:

• The agreement only requires Alliance members to offer federal tax software for free; many charge high rates for providing the tools to do the state returns, so stay alert to what you agree to.
• The only (legit, spam-free) place you can this access the software is on the IRS website (here).

“The Basics on Free Tax-Filing Software” [FiLife]

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