January 18, 2012 5:49 pm

Prepare and File Your Federal Return for Free

The IRS’s Free File program (www.irs.gov/efile/article/0,,id=118986,00.html) for 2011 returns is now in full swing. If your adjusted gross income for 2011 was less than $57,000, you can choose from a variety of commercial products that help you prepare and file your federal income tax return at no cost. You can also use Free File Fillable Forms (https://www.freefilefillableforms.com/FFA/Gateway/FED.htm) from the IRS to complete your return and submit it, although this option is best for those who are comfortable preparing their own tax returns and need to perform only basic calculations.

Source: http://www.irs.gov/efile/article/0,,id=118986,00.html

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Tax Glossary

Depreciation

Writing off the cost of depreciable property over a period of years, usually its class life or recovery period specified in the tax law.

More terms