VOLUME 1 / ISSUE 1 WINTER 2024
PROFESSIONAL SERVICES
BY CHELSEA HARRISON EEK! IT’S TAX SEASON: DIY VS. HIRING A PRO
There may be no more dreaded administrative task in my house than doing our taxes. As tax season approaches, families must make the choice: to pay or to not to pay a professional to help with this necessary task. While doing your own taxes can be empowering and cost-effective, it comes with its own set of challenges and pitfalls.
WHY CHOOSE DIY TAX FILING?
Cost Savings
The biggest reason to do your own taxes is usually to save money, (or should we say potential savings, because if your DIY taxes are wrong, there may be expenses involved there.) Hiring a professional can be expensive, and with tax software (think TurboTax) widely available, some taxpayers can complete their returns without the need for professional assistance.
Empowerment and Understanding
DIY tax filing allows you to actively engage with your financial situation. When you do your own taxes, you’ll gain a better understanding of the tax process, deductions, and credits, empowering you to make informed decisions about your finances and perhaps make better choices in the coming years.
Convenience and Flexibility
With the option of online tax software, the process of filing taxes has become more convenient than ever. DIY tax tools offer flexibility, allowing individuals to work on their returns at their own pace and convenience. On the other hand, more and more professional preparers are also using online data entry systems, so clients can submit everything from home as well.
Timely Filing
If you opt for DIY tax filing, you see that refund (or bill!) faster. With the ability to file electronically and receive refunds through direct deposit, the process is often faster than traditional paper filing. However, in most cases tax pros use e-filing now, as well.
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