Do You Do Your Own Tax Refund Paperwork? (u.s.) Does having someone else do it for you benefit that much?

[rayzoredge 2]

For tax purposes, I am a single person with no dependents, which makes things easy when filing with a 1040A for the annual tax filing in the U.S.I use TaxAct.com, which is completely free (but laden with all those sales pitches for the Deluxe filing option). There are a handful of other free ways to file for your return/payment like TaxSlayer.com, TurboTax Free Edition, and whatever else is out there, and I'm sure it's ideal for people who like to do things for themselves and if their paperwork won't turn out to be horribly complicated (with factors like joint filing, dependents, education credits, self-employment and business ownership, outside assets, etc.). I've been doing it for a few years now and I'm wondering why people (aside from having complicated returns or the factors mentioned above) go to services like H&R Block, Jackson and Hewitt, etc. Do their fees actually pay off in getting a larger return (because people like me would miss little details, like IRA contributions?)? Or is it just a comforting thought to know that someone that KNOWS tax stuff is doing your return?Last year, I got a decent amount that if I had paid $100 for tax filing services, would have been much smaller. Do you think that getting it done that way is worth the price? Or is it still better to do it yourself?

[abhigyan 0]

I'm from India and here saving tax and there calculation thinking on different investment plans setting the salary component filling form 16 all is just mess i have heard from some of my frnds that tax payment and there methods are vary simple in US because they have straight 30% taxable amount but here it is something like before 1.5 k it is tax free above 1.5 and below 3.5 it is 20% and bla bla .... but any how till now i am doing my works with my frnds but i think any how this all is a big headache ....

[Echo_of_thunder 1]

Yes I do my own tax returns. I did have someone do my taxes once, but ended up paying them so much out of the return, I found it better to do it myself.

[chakri 0]

Try the turbo tax. To start with you can see how much refund you are getting for free. If you decide to then go with their service then you can pay. On the side you can try some other tax software like taxact.com or do it yourself on 1040 and see where you get maxium return. If turbotax or the taxact gives you the lowest rate then you can use the free or cheap one.. I used H&R once as someone told they give maximum deductions but their deductions were same as mine.

[networker 0]

I always do my own tax return.This year will be easy.Justfill in all zeros.Only joking about that. If you have your own business, using an accountant to helpcan be beneficial.They know all the loopholes and tax cuts.

[Misanthrope 0]

From personal experience, I can't stress how important it is to get a CPA on your side, especially if you do a Schedule C or otherwise operate a business of any sort. And even if you don't, you are much more likely to get audited by the fraudulent, illegal system that calls itself the "IRA" if you are a small entity that doesn't have a professional preparing your returns. Did you know this system is unconstitutional and operates under illegal extortion? No where under tax code are you REQUIRED to pay taxes to this den of thieves. That's right. In their own documents they state it is a voluntary act, yet they extort monies out of citizens under pain of jail sentence. Do you really think these same thugs will give you a break because you flip burgers at McShit?

 

The bottom line is, you are considered an easy mark if you prepare your own documents. These are the words of my CPA. He has been repeatedly horrified at how the IRS goes after the little guy and leaves the big fish alone, with very rare exceptions. Don't think you are immune to audit because you make a meager income. Granted, you will spend a tad more for a CPA, but the peace of mind is worth it.

[networker 0]

Although I said I do my own tax,what I didn't mentionwas that I didn't do them right.At least I didn't between three andfive years ago.If you had somebody who really knew what they were doing,thesemistakes wouldn't happen in the first place. I missed out on a lot of refund money.In Canada your only allowedto do a re-assesement within three years. So I should be allowed to resubmit one of the years.