Sitting home with your W-2 Forms, calculator and black ball point pen you begin to wonder if you should continue on your own or visit your local Jackson Hewitt. Here are a few tips to ease your wondering mind.
Do your taxes if…
1. You will file a 1040EZ or 1040A tax form
2. You have the time and patience
3. You are strapped for cash
4. Single with no dependents
Hire tax preparer if…
1. You have major deductions
2. You are self-employed
3. Your return will be big enough to cover preparation fees
4. You are not familiar with federal or state tax codes
Simplicity and peace of mind are the keys to deciding whether or not to prepare your own taxes. Simple returns with one W-2 and no deductions should warrant you to file your own taxes. If you are afraid of being audited due to major deductions and multiple line items, visiting your local tax preparer will serve you best. Lastly if you decided to do your own taxes it may be worth the $20 to have a professional check it for peace of mind.