The Professional Expert

Taxes - Who should do them?

Disclaimer: This is entry not intended to offer official tax advice. Please see www.irs.gov or contact a certified tax professional with any questions or for specific instructions. 

There are several ways to get your taxes done.

1. Do them yourself. You can find the forms at your local library. This is a good option if you have a minimal amount of paperwork. If you have only one W2 and/or one 1099 form, with no deductions you will probably want to do your taxes yourself. 

An option available to you only if your income was less than $54,000/year is free electronic filing.  You can go to www.irs.gov and do your taxes online.

2. Tax software package such as TurboTax.  This software can be downloaded from www.turbotax.com or purchased from your local big box store.  The software will ask you questions, and then fill out the forms for you.  It will also determine if you need special forms based on your answers.  It has videos to help you if you have questions along the way.  The software can also handle electronic filing of your tax return, for a fee, of course.

3. If you don’t feel like doing it yourself, you can take your paperwork down to the local storefront tax service, such as Jackson Hewitt or H&R Block and have them do it.  They will be able to look at your paperwork and determine the best way to handle your situation.  This way, you have someone familiar with the process going through it with you and filling out the forms.  The will also sign your return as a “paid preparer,” which means that they will stand behind your return if the IRS decides to audit you.

They also can offer an “instant refund” if you have money coming back. But beware, these are actually loans and can have outrageous fees or interest associated with them.  Better to wait a few weeks and get the whole thing yourself.

4. The “big guns” in the tax filing business are the CPAs (Certified Public Accountants).  Look for CPA after the name of the firm or individual. They are licensed by the state, and have their license on the line when they prepare your return.  They know all of the details of the tax code.  I recommend an accountant if you have your own business, lots of diversified investments, or anything you don’t feel comfortable with.

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