Should I do my own taxes, or hire an accountant?
You know, you're sitting down now, it's getting close to April 15, or at least the first of the year, and you're thinking about taxes. You're deciding "Do I do it myself; do I buy a programme and do it myself on my computer? Do I go and see an accountant or tax preparer? Do I go to the box store that sets up and does a tax return? Or do I go to a CPA?" The question is, how complex do you think your tax return is? If it's a very, very simple tax return; you are a wage earner or you had no itemised deductions, maybe you had a little bit of interest in the bank, then it's simple. You can probably do it yourself and save the money. If it gets a little more complex (you've got wages, maybe you've got interest, and maybe you have a simple piece of rental property) and you're unsure of doing it yourself, then at that point you might want to seek the services of a professional. At what level professional you go see? Do you find just a preparer that has got what I call the box store? You go into their store, you bring the stuff, they do the taxes, and you're gone. Then, you come to the point of seeing that if it's getting more complex, you may want to seek a professional CPA who specializes in taxes. We're here all year. We're constantly dealing with the tax law and the updates. When you're dealing with a complex return, you need a professional who has the ability to handle those complex issues.
