At Extreme Investor Network, we understand the importance of maximizing your financial opportunities. That’s why we’re excited to share the latest updates on the IRS Direct File pilot program that has already benefited over 140,000 taxpayers this tax season.
The IRS Direct File program, a free tax filing pilot initiative by the IRS, has been a game-changer for filers in 12 states. According to IRS Commissioner Danny Werfel, the program has saved taxpayers an estimated $5.6 million in tax preparation fees for federal returns. Not only that, but over 90% of users rated their experience as “excellent,” based on a survey of more than 15,000 participants.
While the future of Direct File is still under review, there’s great potential for expansion. The pilot program currently only accepts certain income sources, such as Form W-2 wages, Social Security retirement income, unemployment earnings, and interest of $1,500 or less. This means that contract workers, gig economy workers, and self-employed individuals are currently excluded from the program.
For those who are eligible, Direct File requires filers to claim the standard deduction. For 2023, the standard deduction is $13,850 for single filers and $27,700 for married couples filing jointly.
At Extreme Investor Network, we believe in empowering individuals to make informed financial decisions. Stay tuned for more updates on the IRS Direct File pilot program and other financial news that can help you make the most of your money. Trust us to provide you with the latest and most valuable insights in the world of personal finance.
