With tax season in session, you may be wondering whether or not to hire someone to do your taxes or whether to do them on your own. While it may seem hectic to figure out what forms need to be filled out and whether or not you’ve received them, we are here with some advice.
Who should file their own taxes?
To put it simply: the less forms, the easier it will be to do yourself.
If you are a W-2 employee with no itemized deductions you should save yourself money and file online. Also, if you plan to take the standard deduction and have a few income sources such as 1099’s, a W-2, and a few bank accounts, filing for yourself will be relatively simple. Those who fall into this category can use online tax software or the IRS website. Most of the online services offer a base rate above and around $30, however if you have questions and need to speak to someone the cost can increase exponentially.
Who should hire someone to do their taxes?
There are countless times in which a tax professional is useful when filing taxes. If you are starting a business, retiring, or going through a divorce, a tax professional can provide insight throughout the year, especially when filing. Tax professionals can also offer insight after major life changes, since these changes can make filing exponentially more complicated. Finally, if you are receiving income from numerous sources or have received an inheritance, it may be time to call a tax professional to assist you.
If you have further questions, feel free to reach out to us today!
