Do you think it is better to prepare your taxes yourself or to have them prepared by a professional?

Do you think it is better to prepare your taxes yourself or to have them prepared by a professional?

Postby culloden » Fri Jan 28, 2011 7:54 pm

Please explain why
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Do you think it is better to prepare your taxes yourself or to have them prepared by a professional?

Postby micky45 » Fri Jan 28, 2011 7:55 pm

it depends on how much you know about taxes, if your return is simple there is no reason why you can't do it yourself, IRS has every confidence that taxpayers are able to prepare their own
if you want to pay for the expertise of people who continually learn about taxes and the various nuances of the system take your taxes to a professional
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Do you think it is better to prepare your taxes yourself or to have them prepared by a professional?

Postby adolfo » Fri Jan 28, 2011 7:57 pm

Depends on what you need done and whether it's worth your time to do them yourself. If you just have a W2 and you only need a 1040 tax form, you could probably do it yourself through TurboTax, but a lot of tax places will actually help you for a cheap price. H&R Block has been advertising that they will help people with their 1040 forms for free, so I would look into that.

However if your taxes are more complicated, such as if you owned your own company with employees, and had investments as well as mortgage payments, you should hire someone to do your taxes. It also depends on how confident you will do your taxes right.

Just remember, if mistakes are made, there is always the risk of being audited which is a nightmare. If you have any doubts on how to prepare your taxes, have a professional do them.
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Do you think it is better to prepare your taxes yourself or to have them prepared by a professional?

Postby darrell59 » Fri Jan 28, 2011 8:04 pm

I think the most important thing is that people understand their tax return. If you need to hire a professional to explain it to you until you understand it, then do so. If you understand it yourself, then there's no reason to pay someone unless you decide its worth the fees to save time.

What I DON'T recommend is dropping your paperwork off and just trusting a tax preparer without taking the time to understand what's happening. If your tax preparer can't explain it to you in a way that you understand (or isn't willing to take the time to do so), then you should get a new tax preparer.
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Do you think it is better to prepare your taxes yourself or to have them prepared by a professional?

Postby varney » Fri Jan 28, 2011 8:11 pm

If it's complicated and you aren't confident you can do them, have a professional do them. Otherwise do them yourself, you'll save a lot of money.
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Do you think it is better to prepare your taxes yourself or to have them prepared by a professional?

Postby beale » Fri Jan 28, 2011 8:13 pm

I think if you have a simple return then its best to do it yourself, for free. We are married with two children, had 3 W2's and a 1099 from unemployment....all easy info I can enter myself. We rent, don't own any property or anything like that. IF our lives ever become more complicated I might pay to file lol.

I know a few people who pay $300+ to get their taxes done and get their money within a few days (through HR Block). One friend imparticular is very happy with it because she always needs her money asap but I try not to put myself in a predicament for that to happen.

I honestly don't believe it should cost THAT MUCH to do your taxes when you can just as easily do them yourself for free. Some people might not be capable of doing them themselves (no internet access, complicated forms, don't understand how to do it, etc.) and I think they are being ripped off having to pay so much.

ADD---> I heard a commercial how HR Block is filing for free until Feb. 15th or so BUT if you have earned income credit you have to pay extra so who knows how much they charge for that. It's supposedly free but there are always other charges for one thing or another.
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