Do you do your own taxes?

posted 7 months ago in Money
  • poll: Do your own?
    Yes : (46 votes)
    79 %
    No, I hire someone : (12 votes)
    21 %
  • Post # 2
    Member
    3737 posts
    Sugar bee
    • Wedding: November 2014

    For some reason I always mess up on TurboTax. I don’t know what I do wrong, but I end up messing it up somehow. It seems fool proof, but where there’s a will there’s a way. We don’t have a lot of deductions either. Its just me and my husband..one job each..no kids. I usually go to my dad and he walks through it with me just so I don’t miss anything. It doesn’t take very long to do it. 

    Post # 3
    Member
    761 posts
    Busy bee
    • Wedding: October 2019

    I feel TurboTax is a good middle ground between hiring a professional to literally filling forms out on my own. I feel like the additional cost of hiring a professional would be higher than any additional tax savings I MAY get from having a professional do it vs. TurboTax. Plus I don’t have to worry about human error. 

    Post # 4
    Member
    256 posts
    Helper bee
    • Wedding: July 2020

    I do my own taxes with TurboTax and find that they ask the questions most people would need.  My taxes are pretty straight forward.  I own a house, have a savings account, take deductions for house stuff and student loans.  I would completely get someone to do them for me if I had a really complicated financial life.  

    Post # 5
    Member
    3400 posts
    Sugar bee
    • Wedding: June 2016

    I don’t see any reason why you wouldn’t be able to do them yourself. My mom does her own taxes and my dad is self-employed – even that is not a huge deal. Yes it takes her a day, but there’s still no reason to hire someone.

    Post # 6
    Member
    3093 posts
    Sugar bee
    • Wedding: January 2021

    saradiana32 :  one of our close friends is an accountant and gives us his friends and family rate so we just pay him to do it. When we bought our house and combined our expenses we didn’t feel like figuifig it out ourselves haha plus he’s really good and we make back what we pay him in savings from him finding her the best ways to claim stuff. 

    Post # 7
    Member
    9539 posts
    Buzzing Beekeeper
    • Wedding: August 2016

    I’ve always done my taxes myself. There have been years it was more complex and frustrating but it’s never been so hard I couldn’t figure it out myself. Plus because of the way my husband is paid we usually owe taxes so I really don’t want to pay someone on top of paying whatever we will end up owing.

    Post # 8
    Member
    870 posts
    Busy bee

    Turbo Tax is great if your tax situation is uncomplicated – ie, you’re a W2 employee, own a house and/or have other basic deductions. 

     

    We always used TT until our tax situation got a lot more complicated and now we use a CPA. CPA would not have been worth the $500-1000 fee before though.

    Post # 9
    Member
    267 posts
    Helper bee
    • Wedding: St. petersburg, FL

    I just use Turbo Tax and do it myself, but then again, I have an uncomplicated financial life. I bought a house last June (FI and I kept our houses in our own names separately), but Fiance and I are not yet married so it’s still super easy for me… plug in numbers and submit. 

    Fiance asked me to take a look at his taxes this year since he usually has a CPA do them for him… but he has a rental property (we live in my house) and I told him I didn’t want to mess with that so I’m going to ask either my mom (crazy math lady) to do them for him or just hire someone this year. 

    Post # 10
    Member
    7442 posts
    Busy Beekeeper

    saradiana32 :  I don’t technically do my own because my father owns a tax prep business – he does them but I understand it all and double check my return before signing off on it. With the new tax law for 2018 many homeowners who used to itemize will end up taking the standard deduction (particularly if your SALT taxes are high because the new $10k cap is a joke that was designed to hurt the middle class in blue states). 

    If you don’t have anything complicated you can probably handle it yourself.

    Post # 11
    Member
    1366 posts
    Bumble bee

    I use TaxAct. It’s cheaper than TurboTax and it’s basically the same thing. I used to do my taxes by hand with a paper form back in the day. It really isn’t hard. I wouldn’t pay someone to do them unless I owned a business. 

    Post # 12
    Member
    2061 posts
    Buzzing bee
    • Wedding: October 2018

    I have used H&R Block Online to do my own taxes for years. I even did them myself when my ex had a lot investments and I had to learn about wash sales, basis costs, etc. And I’m no tax expert or CPA. With what you describe, I can’t imagine you wouldn’t be able to do it on your own. You can get a higher level of online service where you get to ask quesions from live tax experts if you need to.

    Post # 13
    Member
    830 posts
    Busy bee
    • Wedding: August 2019 - City, State

    I always do mine on my own. There are so many legitimate FREE websites out there that literally walk you through the entire process step-by-step, that I think Turbo Tax is a waste of money.  

    Post # 14
    Member
    761 posts
    Busy bee
    • Wedding: October 2019

    misstomorris :  Could you mention some examples of the free websites? I’ve only seen the free ones for people below a certain income level. 

    Post # 15
    Member
    2061 posts
    Buzzing bee
    • Wedding: October 2018

    So the beauty of the paid online programs is that they have all your information and fill it in automatically year after year, so you just change the stuff that changed in that particular year. Totally worth the cost to me.

    Leave a comment


    Find Amazing Vendors