Pros and Cons to Filing Your Own Taxes
March 25, 2014
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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.
- 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.
- 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.