Friday, January 23, 2009

Should You File Your Own Tax Returns?

Each year as we approach tax time many taxpayers ask themselves the question, “Should I do my own taxes?” This is a question that requires much thought. Let’s consider a few things. For one, as tax time approaches a taxpayer who is planning on preparing their own tax return has to know exactly what to gather to support the information they put on their return. This within itself can be a formidable task.

Once all the information is gathered then the time comes to assimilate everything and begin putting it all in the right places on all the forms. Unless the taxpayer knows exactly what they are doing they will quickly become confused and frustrated. In the meantime they are burning up valuable time. Eventually they may have to turn it over to a tax professional, which may have to file an extension, which may ultimately wind up costing the taxpayer money by filing late (under certain circumstances).

If you are thinking about filing your own tax return then you may want to take a test to assess your skill level at preparing tax returns. Right now it’s not too late to get a professional on board. Good luck!

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