Why You Shouldn't Try to Do Your Own Taxes

It's that time of year again! We're all working hard to prepare our yearly tax documents. It also may be time to figure out whether or not you should be hiring a CPA to help crunch the numbers. Unfortunately, there's no one correct answer. But, our friends at Coinage are sharing some facts to see which options are best under the circumstances. Doing your own taxes could save you money, as a CPA (Certified Public Accountant) can cost around $30 per hour. And, filing by yourself could take less time. If you've got a 1040 EZ, the form could take you under 30 minutes to fill out. Tax preparation software is a helpful tool when you're filing on your own, and will cost you between $30-$60. But, if you need expert advice for a complicated tax situation – like rental properties – you should meet with a CPA. And, the CPA may find itemized deductions that you skipped, which helps you out in the long run. Save more money this tax season by finding the option that's best for you.

SHOW TRANSCRIPT

[MUSIC] Coinage, Life, well spent, presented by Geico. April brings us beautiful spring weather and the dreaded tax season. Perhaps it's also the season to contemplate whether you should hire a CPA or file on your own. Unfortunately, there's no correct answer, but here are some factors to help you decide what's best for you. Doing your own taxes will save you money. On average, hiring a CPA can cost between $20 and $30 per hour. Filing your taxes yourself could take less time. If you have a simple tax situation Completing just the 1040EZ form, you'll invest about 15-20 minutes of your life, less than a 30 minute episode on Netflix. Tax preparation software is a helpful tool when your filing on your own. It'll cost between $30-$60 If you need more expert advice because you have a complicated tax situation like rental properties and multiple invest accounts. You should consider meeting with a CPA. Yes, it's pricey, but getting your taxes done by a professional may also save you money if you itemize. On average people who hired a CPA saved over one thousand dollars in taxes. If your tax situation includes a lot of exemptions and deductions. then dropping your paperwork off would be worth your time. You'd definitely go over the 20 minute mark and have Netflix asking if you're still watching TV. Your tax situation should be the deciding factor on if you hire or not. Harder situation? Hire someone. New to the working world? You got this on your own [MUSIC] Coinage, life well spent. Presented by Geico.
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