The Trader Harbor
  • Business
  • Politics
  • World News
  • Stocks
  • Business
  • Politics
  • World News
  • Stocks

The Trader Harbor

Business

IRS announces Direct File as permanent free tax-filing option starting next year

by admin May 31, 2024
May 31, 2024
IRS announces Direct File as permanent free tax-filing option starting next year

The Internal Revenue Service announced Thursday that its experimental Direct File free tax-filing option for simplified tax returns would become a permanent option starting next year.

In a release, the IRS, along with the U.S. Treasury Department, said its Direct File pilot program, which rolled out on a limited basis earlier this year, saw 140,000 taxpayers claim more than $90 million in refunds and save an estimated $5.6 million in filing costs.

“President Biden is committed to saving Americans time and money and ensuring families receive the tax benefits they’re owed. Providing a free tool to all Americans who want the option to file directly with the IRS is key to achieving those goals,” said U.S. Secretary of the Treasury Janet L. Yellen in a statement.

“After a successful pilot, we are making Direct File permanent and inviting all 50 states to offer this free filing option to their residents. The Treasury Department and IRS look forward to working with states to expand Direct File to Americans across the country.”

Direct File is designed for filers with relatively straightforward tax returns — like W2s or Social Security income — and who take the standard deduction. Other types of income, like those from gig work or other business returns, are not eligible.

Direct File is not a required government program, and does not replace existing filing services.

But advocates have long called for a program to reduce or even eliminate the cost of filing, especially in the digital age.

“President Biden is focused on lowering costs and making the tax system fairer for Americans, and that includes providing a free and simple way to file taxes, with no expensive and unnecessary filing fees and no upselling,’ National Economic Advisor Lael Brainard said in a statement.

Brainard applauded Biden, saying the administration’s ‘investment in modernizing the IRS is already paying off, and we’re looking forward to this resource being available to more Americans across the country.”

For filers subject to state income taxes, their states must opt-in to Direct File. Twelve states have already signaled opposition to doing so, echoing complaints by TurboTax parent Intuit that Direct File is a waste of taxpayer resources.

But a survey released by the White House showed 90% of respondents ranked their experience with Direct File as “excellent” or “above average.”

“The numbers speak for themselves: the Direct File Pilot was a success, saving American taxpayers countless hours and millions of dollars filing their taxes,’ said White House Deputy Chief of Staff Natalie Quillian in a statement. ‘Now, we’re bringing the program to a national audience. It’s just one more example of how President Biden’s Investing in America agenda is lowering costs for communities across the country.”

This post appeared first on NBC NEWS

0
FacebookTwitterGoogle +Pinterest
previous post
Inflation pressure lingering from pandemic is keeping Fed rate cuts on pause
next post
McDonald’s exec says average menu item costs 40% more than in 2019

Related Posts

Former Starbucks CEO says company needs to revamp...

May 7, 2024

Starbucks poaches Nordstrom CFO as executive shake-up continues

March 5, 2025

Hasbro says it’s taking steps to offset China...

February 22, 2025

Disneyland workers reach tentative deal with company, averting...

July 25, 2024

Rivian secures up to $5 billion from Volkswagen;...

June 28, 2024

Tesla has downsized by at least 14% this...

June 24, 2024

Why it seems like everyone you know is...

May 29, 2024

Why competition in the housing market is cooling...

June 17, 2024

Oil executives bluntly criticize Trump tariffs and ‘drill,...

March 28, 2025

Byron Allen puts broadcast TV stations up for...

June 3, 2025

    Stay updated with the latest news, exclusive offers, and special promotions. Sign up now and be the first to know! As a member, you'll receive curated content, insider tips, and invitations to exclusive events. Don't miss out on being part of something special.


    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Latest

    • Bed Bath & Beyond relaunches with first store in Nashville, plans dozens more

      August 10, 2025
    • The Real Drivers of This Market: AI, Semis & Robotics

      August 10, 2025
    • S&P 500 Breaking Out Again: What This Means for Your Portfolio

      August 10, 2025
    • Sydney Sweeney jeans controversy making advertising great again

      August 10, 2025
    • Nagasaki mayor issues chilling warning on 80th anniversary of atomic bombing

      August 10, 2025
    • Kash Patel celebrates major FBI achievements and record seizures during Trump’s first 200 days in office

      August 10, 2025

    Categories

    • Business (1,330)
    • Politics (4,206)
    • Stocks (1,577)
    • Uncategorized (45)
    • World News (1,323)
    • About us
    • Contact us
    • Privacy Policy
    • Terms & Conditions

    Disclaimer: TheTraderHarbor, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2025 thetraderharbor.com | All Rights Reserved