Pros and Cons to Filing Your Own Taxes

Pros and Cons to Filing Your Own Taxes

Published on March 25, 2014 by

If you haven’t started thinking about filing your taxes, now is the time. April 15th is the deadline to get them submitted and it’s only a few weeks away. Deciding how you will file is the first step. Will you choose to hire a tax professional or to do them yourself? Many decide to file their taxes themselves using online forms or software. Let’s run through some pros and cons of preparing taxes yourself.

Pros:

  • Cost – paying for an online service or software is cheaper than having to pay a professional to do your taxes.
  • Convenience – you can choose to file your taxes at any time of the day from the comfort of your own home. No appointment necessary.
  • Better idea of your finances – filling out the information on your own will give you a better understanding of the tax process and will help you get a better grasp of your financial situation.

Cons:

  • More Risk – you are responsible for getting all the required information submitted to the IRS. Missing any information could come back to haunt you.
  • Better for more simple returns – if you have your own business or any investments you’re probably better off hiring a professional to file your taxes.


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