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TAXES: DIY OR HIRE A PROFESSIONAL?

February 14 2011 • by Andrea Rodrigues • Retirement


Happy Valentine’s Day! Today’s Money tip will help you figure out if you should do your taxes yourself or hire a professional CPA. It’s become very easy to do your taxes on your own – if you have a computer and an internet connection, programs like Turbo Tax, H&R Block at Home and TaxACT make it simple. But at a certain point, it might be best to have a professional take a look at your taxes to ensure you are getting the most from your return. If you’ve experienced a major life change in the past year – such as getting married, having kids or preparing to retire – you will do yourself a big favor by reviewing your taxes with a professional. If you have recently purchased a home or own a rental property, an accountant could be extremely helpful to you. Real estate taxes are very different than personal taxes and you stand to lose a lot of money if you don’t file them properly. In many cases, a tax professional will know if you are eligible for deductions and credits that you may not be aware of, and ultimately help you maximize your return in the upcoming year.