Tax season tends to bring on a lot of stress for many people. For some, the only way to mitigate this is to hire a professional. For others, the thought of having to pay someone for a service they presumably can perform themselves brings on more anxiety than the act of preparing and filing taxes. So is it really a good idea to file your own return?
Tax preparation might be simple enough to complete but the devil is in the details. If someone who is not married does not have children, does not have money invested and has no other circumstances that are eligible for a deduction, filing your own return may work out okay. But it doesn't take much to complicate matters. More often than not the specifics of an individual's situation will dictate the best way to file. It may work out that filing one way as opposed to another will reduce the risk of an audit. Deductions claimed that only a tax professional would know. Those details might prove a saving grace.
Should Anyone Do Their Own Taxes?
Should anyone do their own taxes? The sort of person who honestly enjoys working with numbers, filling out paperwork and doing research could do a good job on their own return. Those who are meticulous, good at crunching numbers and can follow directions have an advantage. The real caveat is, however, that anyone attempting their own tax return has to like doing that sort of work. If you're not all that confident and you're dreading doing your taxes, then don't waste your time. Hire a professional.
Do You Save Money?
The reason most cited for doing your own taxes is saving money. This rationale only holds up if you can save at least as much money as you would spend hiring someone else. Of course, it is entirely possible that a tax pro could save you even more money than you could come up with on your own. If you're unsure about how to best approach your taxes, contact us. Our friendly staff of trained professionals would be happy to help.