Filing your taxes on time might not seem exciting but it's an important task for every family staying current helps you avoid late fees stay on top of your finances and ensure you get the refunds or benefits you're entitled to.
One of the great advantages of living in Tennessee is the absence of a state income tax, meaning you only need to file federal taxes. This makes the process simpler, but it's still important to file correctly and on time to avoid unnecessary stress.
To help families, many free tax resources are available. The IRS offers the Free File program for those who qualify, and local Volunteer Income Tax Assistance (VITA) programs provide free help for families with lower incomes, seniors, and individuals with disabilities. VITA and Tax Counseling for the Elderly (TCE) sites are generally located at community and neighborhood centers, libraries, schools, shopping malls and other convenient locations. To locate the nearest VITA or TCE site near you, use the VITA Locator Tool. Filing early not only brings peace of mind but also ensures you receive important benefits like the child tax credit or the earned income tax credit without delay.
Taxpayers who pay for someone to care for their children or other household members while they work may qualify for the child and dependent care credit. Depending on income, taxpayers can get a credit worth up to 35% of their qualifying childcare expenses. At minimum, it’s 20% of those expenses. For 2024, the maximum eligible expense for this credit is $3,000 for one qualifying person and $6,000 for two or more. For more details, visit IRS.Gov. Filing your taxes every year and in a timely manner is also important for Free Application for Federal Student Aid (FAFSA) requirements. FAFSA determines your eligibility for federal grants, work-study funds, and loans for post-secondary learning.
The Tennessee Department of Revenue also provides helpful resources to guide taxpayers. The department publish important tax notices, which offer clear, specific information on Tennessee tax laws and procedures. These notices address common taxpayer questions and provide guidance on recent law changes or more complex tax topics. For example, the notices are a reliable source for state specific tax relief initiatives, such as tax free weekend, and changes in tax rates in Tennessee.
To stay up to date and get your questions answered on Tennessee tax information, visit revenue support. Filing your taxes on time and staying informed ensures your family’s finances remain secure and stress-free.