Can I Prepare My Own Tax Return?
The Self-prepare field is exploding as more tax software and websites appear. But, can you use those software packages or online services to file your return? Maybe...
If you are going to prepare your own return, or that of a child or relative, here are some questions you should ask...
Do I understand my tax situation?
The software is a good alternative to paper filing with respect to calculations and missing or skipped lines. However, they are not great when it comes to helping with tax law. In fact, they can make you feel satisfied with issues that you might otherwise research further.
Does the results make sense?
I got a call one year from a person (now client) who was using a box tax software. She got worried because her state return had a refund of thousands of dollars, which was not normal. The cause was a simple typing error with a huge impact. Not all errors create such an obvious inaccuracy.
Do I trust the site?
In particular with online filing sites, remember you are entering you most sensitive information, including the required credit card to pay for the service. Trust is an extremely important issue.
I do feel that self-prepare software has a good purpose for those who are already comfortable with filing their own return for their own tax year.
If you are comfortable, and have a return which can be self-prepared, an occasional check-up may make sense.
Sometimes you get one odd tax year. Stock transactions, inheritance, adoption, or other issues can complicate our return and you may not have the time to review all the tax laws which apply.
Many taxpayers who prepare their own return can also benefit from having a "tax check-up" every few years to make sure they are remaining compliant and taking advantage of all deductions and credits for which they are eligible.
Make an appointment with Frederick Caya, an Enrolled Agent Tax Professional, to review you tax situation and professionally prepare your return.
The cost for professional tax preparation varies depending on your situation. We check our fees every year and consistently find them to be the same or (usually) lower than the national franchise shops and CPA firms.
