Should I Use an Accountant or Go It Alone?

Using an accountant has several advantages, such as convenience, having a knowledgeable professional looking at your overall tax situation, and suggestions for reducing taxes now or in the future. Preparing your own taxes has several advantages too. You are in full control of your tax return, you can work on your taxes at your own pace, and you get to see first hand how various parts of your financial situation comes together to impact your tax bill. Software for preparing your own tax return has gotten better, and so it is often just as easy to use tax software as it is to go to a professional tax preparer. My suggestion is to try preparing your taxes on your own. That way you will get an overall picture of what's going on, and whether you are getting a refund or owe the IRS. Once you have a draft of your tax return, look it over to see if there's something you don't understand. At that point, you can decide to dig a little deeper to finish up your taxes. Or you can find a tax preparer to look over your return, make corrections, and finalize your tax return. It used to be that cost was a major factor. Now, however, the cost is about the same whether you do your taxes yourself using software or you go to a tax preparer. If you are looking to minimize your costs, you can use the paper tax forms for free. You may also be eligible to file your taxes for free using one of the Web-based tax programs in the "Free File" program promoted by the IRS.