Should I do my own taxes?
It’s no secret that some pretty important deadlines are rapidly approaching. With some corporate taxes due this month and all personal income taxes due in April, it is crunch time!
While I don’t offer tax preparation services, I am able to advise clients on whether or not they should attempt to do their own taxes. In most cases, believe it or not, this decision relies on several different factors!
Yes! Do your own taxes if you can say yes to all these questions…
● The only tax form you have, or anyone filing with you have, is a W-2.
● Are you the type of person who enjoys reading rules and regulations such as detailed instructions in an owner’s manual?
● Are you pretty detail oriented?
● Do you have the time to fill out all the forms, check your work and deal with filing on your own?
● Do you actually want to complete and file your own tax forms?
No! Don’t even try to do your own taxes if …
● The answer to any of the questions above was no
● You need to file any forms other than the W-2 such as a Schedule C (self-employment), E (rental property), F (Farm).
● Your business filing status is an S-Corp, LLC, or a Partnership
Who should be doing your taxes if you don’t
I know many tax preparation options exist that are fast and convenient. However, I strongly urge you to seek out a local CPA firm that specializes in tax preparation.
For one, I promise they will not be as expensive as you think. In fact, I would say they are more likely to save you money because they are talented and highly educated in the latest tax rules. My experience is that they will be more likely to find potential problems and even savings compared to their lesser trained counterparts.
As CPAs, we are required to go through continuing education every year and that keeps our skills fresh and our knowledge up-to-date. When you use a CPA firm that specializes in tax preparation, you will be dealing with people who live and breath taxes all year long.
Let me help!
As a CPA who specializes in bookkeeping, I’m able to help you keep your financial records organized and accurate. This will help you when it comes time to do taxes and could easily save you frustration and money. Don’t try to keep track of your balance sheet, payroll, etc. on your own! Let me do what I love to do so you have time to do what you love to do.