Best Resource for Unbiased Financial Advice & Free Tax Prep
Bankrate and the IRS are two reputable sources that offer valuable resources for individuals seeking unbiased financial advice and free tax preparation assistance. Bankrate is an independent and unbiased editorial platform that assists people in making informed financial decisions. Their content is authored and edited by qualified professionals who adhere to a strict editorial policy, ensuring accuracy and impartiality. Bankrate provides information on the best banks, the latest rates, and money-saving tips, enabling individuals to make smarter financial choices.
On the other hand, the IRS offers free tax preparation through programs such as Volunteer Income Tax Assistance (VITA) and Tax Counseling for the Elderly (TCE). VITA assists low-income individuals, while TCE aids the elderly and retirees. These programs operate in various community locations, staffed by volunteers who provide tax help. Additionally, the IRS offers the Free File option for eligible taxpayers. Overall, both Bankrate and the IRS serve as reliable sources for individuals seeking unbiased financial advice and free tax preparation assistance.
Key Takeaways
- Bankrate offers free tax-preparation help to individuals through their IRS-endorsed Free File option, which is available for taxpayers with adjusted gross incomes of $64,000 or less.
- The IRS offers free tax-preparation help through their Volunteer Income Tax Assistance (VITA) and Tax Counseling for the Elderly (TCE) programs, which provide assistance to low-income individuals and the elderly respectively.
- Both Bankrate and the IRS prioritize accuracy and unbiased information in their tax-preparation help services, ensuring that individuals receive reliable and trustworthy advice.
- VITA and TCE sites are located in various community centers, libraries, schools, and shopping malls, making it convenient for eligible taxpayers to access the free tax-preparation help provided by the IRS.
Bankrate Overview
Bankrate is an independent and unbiased financial resource that has been providing valuable information and advice for over four decades, focusing on assisting individuals in making smarter financial decisions. Bankrate offers a range of services that include providing the best banks, the latest rates, and money-saving tips to its audience. The platform follows a strict editorial policy and ensures that its content is authored by qualified professionals and edited by subject matter experts. This enhances Bankrate’s credibility and ensures that its audience receives accurate and unbiased information. The editorial team at Bankrate maintains a firewall between advertisers and themselves, and they do not receive direct compensation from advertisers. This ensures that the editorial content is not influenced by advertisers and that the information provided is trustworthy and reliable.
IRS Tax-Preparation Programs
The IRS offers tax-preparation programs, such as the Volunteer Income Tax Assistance (VITA) and Tax Counseling for the Elderly (TCE), which provide free tax-preparation services for eligible taxpayers. These programs have several advantages. Firstly, they cater to specific groups, with VITA assisting low-income individuals and TCE helping the elderly and retirees. The programs are conveniently located in community centers, libraries, schools, and shopping malls, making them easily accessible. Additionally, both programs are operated by trained volunteers, ensuring that taxpayers receive accurate and reliable assistance. However, there are limitations to these programs. VITA and TCE volunteers do not prepare certain complicated forms, which may require additional professional assistance. Furthermore, taxpayers must provide specific documentation when visiting a VITA or TCE site, which could be burdensome for some individuals. Despite these limitations, the IRS-endorsed Free File option is available for taxpayers with adjusted gross incomes of $64,000 or less, providing an alternative for those who do not qualify for VITA or TCE assistance.
Eligibility and Required Documentation
Eligibility for the IRS tax-preparation programs is determined by income level and age, while required documentation includes proof of identification, income statements, tax returns from previous years, and banking information for direct deposit. The Volunteer Income Tax Assistance (VITA) program is designed for low-income individuals, while the Tax Counseling for the Elderly (TCE) program provides assistance to the elderly and retirees.
Both programs offer free tax preparation services at various community centers, libraries, schools, and shopping malls. To qualify for these programs, individuals must provide a photo ID, Social Security card, proof of foreign status if applicable, wage and earnings statements, bank statements, health insurance statements, exemption certificate, previous years’ tax returns, daycare payment information, and bank account and routing number for direct deposit of tax refund.
It is important to note that VITA and TCE volunteers do not handle complicated tax forms. The IRS also provides the Free File option for taxpayers with adjusted gross incomes of $64,000 or less, allowing 70% of Americans to access free tax preparation services.
Frequently Asked Questions
What are the benefits of using Bankrate for financial advice and tax-preparation help?
Bankrate offers several benefits for individuals seeking financial advice and tax preparation help. Firstly, it provides expert guidance from qualified professionals and subject matter experts, ensuring accurate and unbiased information. Secondly, Bankrate offers personalized recommendations tailored to individual financial needs and goals. This helps users make smarter financial decisions and optimize their tax preparation process. With a focus on trust and independence, Bankrate’s editorial team fact-checks content for accuracy and maintains a firewall between advertisers and the editorial team, ensuring unbiased information for its audience.
How does Bankrate ensure that its editorial content remains unbiased and independent?
Bankrate maintains editorial independence and ensures the unbiased nature of its content through several measures. Firstly, Bankrate follows a strict editorial policy that ensures all content is authored by qualified professionals and edited by subject matter experts. Secondly, the editorial team maintains a firewall between advertisers and themselves, preventing any direct influence on content. Additionally, editors and reporters fact-check the content for accuracy, further enhancing its credibility and objectivity. Bankrate’s commitment to unbiased content is evident in its independent and unbiased editorial team, which values trust and provides accurate and unbiased information to its audience.
What types of financial or credit products and services does Bankrate provide information on?
Bankrate provides information on a wide range of financial and credit products and services. This includes credit cards, mortgages, as well as other banking and lending products. They aim to help individuals make smarter financial decisions by offering insights and comparisons on the best banks, the latest rates, and money-saving tips. Bankrate follows a strict editorial policy and their content is authored and edited by qualified professionals, ensuring accurate and unbiased information for their audience.
Can Bankrate help individuals with complicated tax forms that VITA and TCE volunteers cannot handle?
Bankrate provides valuable financial advice and resources to help individuals make informed decisions. However, when it comes to complicated tax forms that VITA and TCE volunteers cannot handle, Bankrate may not be the best resource. VITA and TCE programs, endorsed by the IRS, specialize in providing free tax preparation assistance for low-income individuals, the elderly, and retirees. These programs have the necessary expertise and resources to handle more complex tax situations.
Are there any limitations or restrictions on who can use the IRS-endorsed Free File option for tax preparation?
The IRS-endorsed Free File option for tax preparation has certain limitations and eligibility requirements. To use this option, taxpayers must have an adjusted gross income of $64,000 or less. Additionally, the Free File option is available for individuals who meet certain criteria, such as being under a specific income threshold or being eligible for specific tax credits. It is important to review the IRS guidelines to determine if you qualify for the Free File option and to understand any restrictions that may apply.