How to know that I need to hire accountant to do my tax?

Question

I have no mortagage, no loan, no big expenditure etc.

is there any situation where we do not need to hire accountant and do our tax on our own? Any criteria who should hire accountant?

Does everybody need to waste 75-300 bucks on accountant?

Answer 1

We own our own business, so have to have an accountant do our taxes. The fee is usually around $200. Well worth it in case we get audited, the accountant goes in instead of us. If you make over $100,000 your chances of getting audited increase.

Answer 2

If you've been doing your taxes yourself, itemizing shouldn't be much of a problem. Read the instructions for schedule A so you know what else you might be able to deduct, and ask questions here if you get stuck. You'll get a form from your lender with the interest on it, and the taxes also if you pay your re tax through an escrow account.

Answer 3

I have never paid a pro to do my taxes, though I have done it professionally myself in the past.

Most taxpayers don't need any professional assistance to prepare their own return. If you're a W2 wage earner and don't itemize there's no good reason for professional assistance.

If you have a complicated return with lots of stock transactions, dividend reinvestments or are running a business then professional assistance may be worth the cost. In that case, stick with a CPA as they will provide business guidance as well as tax advice. Business guidance and help with bookkeeping are where a good CPA will really shine. Tax prep is a relative sideline for most CPAs -- a lucrative one to be sure, but still a sideline.

Answer 4

No, you can so your taxes online through turbotax.com (my recommendation) or some other site. It's really easy to do on your own and it saves you a bunch of money. If you need help you can ask on the site or you can email me - [e-mail]. I am a tax preparer.

Answer 5

Go to H&R Block. They are the closest thing to a accountant. :)