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May 22, 2014 1:50 pm
Free-File
For the past 5 years, taxpayers with adjusted gross income up to a certain amount ($58,000 in 2013) have been able to prepare their federal income tax returns and file them electronically at no cost. This has been possible because of a program called Free-File in which commercial software/cloud companies (the Free File Alliance) have agreed to make this possible. More than 3 million taxpayers have used Free-File thus far this year. The program had been set to expire this October. The IRS and these firms have agreed to a 1-year extension.
The parties are hoping that the extension will give them time to work out an extended or even permanent arrangement. Negotiations are set to begin this June.
Source: IR-2014-64
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Tax Glossary
Estimated tax
Advance payment of current tax liability based either on wage withholdings or installment payments of your estimated tax liability. To avoid penalties, you generally must pay to the IRS either 90% of your final tax liability, or either 100% or 110% of the prior year’s tax liability, depending on your adjusted gross income.
