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Way back in the mists of time, I worked for a national CPA firm. They charged $250 for a simple individual tax return. Back then, that was more than my rent—today’s equivalent of over $1,250. That’s a lot of money for a simple tax return!
I thought it was absolutely ridiculous for people to have to pay that much money to get a simple tax return prepared. In the early 1980s, I started teaching people how to do their own tax returns.
Is it still a good idea to do your own tax return? In many instances, yes.
The way tax software is developing these days, you will get a lot of guidance on the routine issues that apply to the life of the average person.
The question is, are you the average person?
None of us likes to feel average. We all know we are special with unique aspects to our lives. Will the tax software help us deal with those things?
In many cases, yes.
I have been looking at software provided by the top online tax-preparation services for this year. Their emphasis is on walking you through the process of doing your tax return, bringing to your attention things you might otherwise overlook.
You should do your own tax return if
You should not be doing your own tax return if
Essentially, it boils down to this: If your life is straightforward and uncomplicated financially, you should do your own tax return. If you start having questions and issues, perhaps it’s time to sit down and speak to someone who can help you resolve them.
Stay tuned: we’ll be telling you how to select a tax pro who is right for you!
The information contained in this blog post is designed to generally educate and inform visitors to the Equifax Finance Blog. The blog posts do not give, and should not be assumed to provide, personalized tax, investment, real estate, legal, retirement, credit, personal financial, or other professional advice. Before making any financial decision, you should always consult with the appropriate professionals who can explain your options, rights, and legal responsibilities, and advise you on any tax, legal, credit, or business implications that may result from those decisions. The views and opinions expressed by the authors of blog posts are their own views and may not be the views or opinions of Equifax, Inc. and/or its affiliates.
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