Should You Do Your Own Taxes or Let a CPA Do It?

When it comes to filing your taxes, you may wonder if you should take the do-it-yourself approach or if you should hire a professional CPA to handle the process of filing for you. While the decision is yours to make, there are certain things you should think about before you decide to find someone to help you or before you decide to go ahead and file on your own.

Filing on Your Own

Filing your taxes on your own has become easier than it has ever been because of tax software. It is great for those with simple tax returns. If you are a single person with one job and you receive a W-2 from your employer, you should have no problem doing your taxes on your own because the tax software will walk you through each step. In fact, the software will walk you through all the different deductions you may be eligible for. If you have a simple return, it is even possible to file for free, which could help you save a great deal of money.

Filing With a CPA

While filing without professional help works for some people, it is not the best choice for everyone to make. If you have more complex tax returns, you should see a CPA. If you are a small business owner or if you are self-employed and receive both W-2 forms and 1099-misc forms, you should see a CPA. If you live in a state like Arizona, just do an online search for something like Phoenix bookkeeping. There is a greater risk of messing something up on your taxes when you have several complicated forms to file, which is why it is simply best to hire professional help to ensure that you are doing it the right way.

Sometimes it is easier to file taxes on your own because you have a simple return and can even file for free. However, it is not always the best solution for everyone. If you know that you have more of a complex situation, you should hire a professional to walk you through the process and assist with filing your taxes.