"The Biden administration announced Friday that its first-of-its-kind free tax filing website came in under budget and earned high marks from users, and that officials will decide this spring whether to renew the experimental program for another tax season.
Apr 29, 2024
Question of the Day: How much does the average tax payer spend to file a return using tax software or a tax preparer?
We have a civic duty to pay our taxes. But should we have to pay to pay our taxes?
Answer: More than $200/year
Questions:
- Why might some taxpayers choose to pay for tax preparation services even if free options are available?
- The IRS piloted a free tax filing program. What are some reasons the government would offer a service like this?
- If you had to decide whether to use a free service or a paid tax preparer, what factors would you consider in making your decision?
Here are the ready-to-go slides for this Question of the Day that you can use in your classroom.
Behind the numbers (Washington Post):
The software, which resembles commercial offerings from companies like Intuit and H&R Block, allows taxpayers to file directly to the government free. Experts say a nationwide rollout could someday disrupt the multibillion-dollar tax preparation industry; Americans spend more than $200 a year, on average, to file a return using software or a tax preparer."
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Teach your students how to file the 1040 using NGPF's Activity, CALCULATE: Completing a 1040
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What's the most popular unit on the NGPF website and the most searched for term? It's Taxes! Find all the resources that NGPF has on Taxes here.
About the Author
Ryan Wood
Ryan is the Partnerships and Adoption Manager for Next Gen Personal Finance’s midwest region. He brings his experience as a former teacher, curriculum designer, and sales and marketing professional to state organizations and school districts in supporting the implementation of their personal financial education efforts. He graduated from the University of Wisconsin-Green Bay and earned his teaching credential from Saint Mary’s University in Winona, Minnesota. He proudly taught at two rural high schools in Wisconsin before transitioning to curriculum design at NGPF, and is now excited to be on the front lines in delivering the best possible financial education in the midwest. He and his wife have three beautiful daughters, each of which inspire him to share the impact of being sound financial stewards both at home and as lifelong learners.
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