Is it better to file your own taxes?
2007-01-24 11:35:26 · 7 answers · asked by Direktor 5 in Business & Finance ➔ Taxes ➔ United States
I do tax returns on a volunteer (free) basis and feel that the large majority of taxpayers could file their own taxes. The downside is that you might miss a deduction or tax credit. But with a little research (see IRS pub 117 at IRS.gov) you should be in good shape. Most people have simple returns and would save money vs using a paid preparer. The tax programs available at reasonable prices do a good job
2007-01-24 11:43:46 · answer #1 · answered by curious george 5 · 0⤊ 0⤋
I've been doing my own taxes since I got my first job nearly 40 years ago. They've gotten progressively more complex as the years went by and at this point I can tackle all but the most complex returns. I do volunteer (free) assistance most years when my time allows.
The commercial tax prep software available today is more than adequate for 95% of all taxpayers and it's a fraction of the cost of paying a pro or semi-pro preparer. With e-filing and direct deposit there isn't even a viable need for the so-called "refund anticipation" loans since you can have your refund in less than a week if you file early.
2007-01-24 12:06:36 · answer #2 · answered by Bostonian In MO 7 · 0⤊ 0⤋
I don't think so, I have done it several times. Turbo tax is the best it walks you through all of the steps and even checks over your information to see if you missed any deductions. I went to another company before and I noticed they used the same program and charged me for what I could have done.
2007-01-24 11:45:30 · answer #3 · answered by ybno37 2 · 0⤊ 0⤋
No, it's not hard. I've done my own ever since I started to work over 30 years ago. It's even easier now that you can do it on the computer, with programs like Turbo Tax.
2007-01-24 11:45:12 · answer #4 · answered by quagi m 3 · 0⤊ 0⤋
If you're able to do them, then you obviously save money over paying someone to do them. Most people's taxes are pretty straightforward, and they could do them themselves by reading the instructions and looking at their previous year's return.
2007-01-24 11:44:37 · answer #5 · answered by Judy 7 · 0⤊ 0⤋
It's not that hard- I use Taxcut which makes it really easy. Mine isn't just a basic return either because I buy and sell stock through my stock option plan at my job.
2007-01-24 11:47:13 · answer #6 · answered by Anonymous · 0⤊ 0⤋
using 1040ez, is just that, easy, but you miss out on some deductions. use a tax prep software, it cheaper,its easy, finds mistakes, and gets you a lot more deductions.
2007-01-24 11:50:16 · answer #7 · answered by Jen 5 · 0⤊ 0⤋