Search

The Impact of Tax-Filing Costs on Working-Class Americans

special-refund-irs-joe-biden-covid-relief-bill-tax
The Impact of Tax-Filing Costs on Working-Class Americans
Tax season can be a stressful time for many Americans, especially those who belong to the working class. With the rising cost of living, every penny counts, and the cost of tax filing can have a significant impact on their finances. In this post, we will delve deeper into the impact of tax filing costs on working-class Americans and what Line is doing to change this.
In this article

As taxpayers, the costs associated with filing taxes can be a big burden. Filing securely and correctly can require costly investments or large chunks of time – both of which may present difficult choices for working-class Americans who are already living on tight budgets. Here, we explore the impact of tax-filing costs on working-class Americans and how Beem is breaking the barriers and making tax filing an easy and with 100% accuracy.

The Cost of Tax Preparation

According to the National Society of Accountants, the average cost of preparing a tax return is $273. However, this number can vary widely depending on the complexity of the return and the location of the tax preparer. Many working-class Americans cannot afford to pay this amount and often try to file their taxes on their own. While there are free tax preparation software and services available, they may not be sufficient for those with more complicated tax situations, such as those with multiple jobs or self-employed individuals.

How Beem’s Federal and State Tax Filing works

Beem’s Tax Filing feature, launched this February, allows individuals across every region in the United States to file both Federal and State Taxes for irrespective of their tax situation (1099, W2, Multiple Jobs, Multi-state, etc.)

Penalties for Late Payment

Late payment penalties can add to the cost of tax filing, especially for those who owe taxes. Working-class Americans who cannot afford to pay their taxes in full by the deadline may face penalties and interest charges that can add up quickly. This can result in a cycle of debt that is difficult to escape from.

How Beem’s IRS Penalty Protection changes this

Beem not only provides the best Federal and State Tax Filing, but makes it extremely easy to file taxes right from their mobile devices with automated alerts via email, SMS and push notifications to help working-class Americans estimate their taxes and file them on time while also protecting them against IRS Penalties up to $10,000 towards any penalties encountered while filing with Beem along with free Tax Calculator.

Opportunity Costs

The time and effort required to prepare and file taxes can also have an opportunity cost for working-class Americans. Many cannot take time off from work to prepare their taxes or attend appointments with tax preparers. This can result in lost wages or additional expenses, such as paying for childcare. The stress of tax season can also impact their mental and physical health, resulting in missed workdays or additional medical expenses.

How Beem’s mobile apps change this

Beem’s apps are available across both iOS App Store and Android Play Store. Users can file federal and state taxes for any tax situation via Beem’s simple, intuitive and easy-to-use interface that is further complemented with 24/7 real human customer support (a standard feature on all Beem products), IRS Penalty Protection up to $10,000 for any penalties incurred due to filing with Beem and a Maximum Refund guaranteed.

Limited Access to Tax Credits

Working-class Americans may also miss out on tax credits that could benefit them due to a lack of knowledge or resources. Tax credits, such as the Earned Income Tax Credit (EITC) and Child Tax Credit (CTC), can provide much-needed relief for those with lower incomes. However, many working-class Americans are unaware of these credits or may not have access to the resources needed to claim them.

How Beem’s tax resources change this?

In addition to allowing users to file federal and state taxes for any tax situation its simple, intuitive and easy-to-use interface, complementing it with 24/7 real human customer support (a standard feature on all Beem products), IRS Penalty Protection up to $10,000 for any penalties incurred due to filing with Beem and a Maximum Refund guaranteed.

Conclusion

The cost of tax filing can have a significant impact on working-class Americans, from the cost of preparation to late payment penalties, missed opportunities and limited access to tax credits. With tax season here, it is important to raise awareness of these issues and support policies that can provide relief to those who need it most. By doing so, we can help alleviate the financial burden that working-class Americans face during tax season and improve their overall financial well-being.

That’s why we created Beem Tax Filing – the most comprehensive and 100% accurate Federal and State tax filing service. Estimate your Federal and State taxes with Beem and get maximum Refund.

Was this helpful?

Did you like the post or would you like to give some feedback? Let us know your opinion by clicking one of the buttons below!

👍👎
Akshay Krishnaiah

Akshay Krishnaiah

Millennial, Immigrant, Uber driver (36000 mi) turned Techstars fintech startup founder @Beem (FKA Line). Previously Product Leader @PayPal (75 consumer fintech patent publications). Dad, Husband, Brother, Proud son of parents who came from extreme poverty, worked hard to give us great education, tolerant values and culture.

This page is purely informational. Beem does not provide financial, legal or accounting advice. This article has been prepared for informational purposes only. It is not intended to provide financial, legal or accounting advice and should not be relied on for the same. Please consult your own financial, legal and accounting advisors before engaging in any transactions.

Related Posts

Do Homeless People Pay Taxes
Do Homeless People Pay Taxes?
Being homeless is a complicated problem that affects a huge number of people all over the United States. Some of them pay taxes, but not all do. Here's a detailed guide to help through paying taxes for homeless people.
List of Tax Deductions for Lawn Care Business [2024]
Do Nursing Home Residents on Medicaid Need to File Income Taxes?
Do Nursing Home Residents on Medicaid Need to File Income Taxes?
Low-income people obtain health insurance through Medicaid. If you are covered under this program, you may not have to file income taxes if your income is below the filing threshold. Let's read on to know more!
game-show
Taxes on game show winnings and prizes: How much tax you have to pay?
Winning at least $600 is likely to result in a 1099-MISC tax form being sent by the awarding entity to both the winner and the IRS. If no form is received, the winner is still obligated to report the winnings value.
60000 after tax
60k a year is how much a month/week/hour after taxes?
If you earn a yearly salary of $60,000, it is crucial to know the amount of income tax you are obligated to pay. Planning ahead and determining the income tax rate on a salary of $60,000 per year can help you efficiently navigate the tax filing process. Calculating how much you owe can be a daunting task, but our blog provides a useful breakdown to help you determine the amount of tax you need to pay this year.
W2 Form 2024: Everything You Need to Know
The IRS requires employers to send their employees a copy of their W-2 form by January 31 or face penalties. Even if you have quit your job, your last employer can send you a W-2 by  January 31 or earlier, in which case the employer has 30 days to provide it.
Features
Essentials

Get up to $1,000 for emergencies

Send money to anyone in the US

Ger personalized financial insights

Monitor and grow credit score

Get up to 20% on everyday spends

Save up to 40% on car insurance

Get up to $1,000 for loss of income

Insure up to $1 Million

Coming Soon

File federal and state taxes at low cost

Quick estimate of your tax returns

Get up to $1,000 for emergencies

Send money to anyone in the US

Save big on auto insurance - compare quotes now!

Zip Code:
Zip Code: