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accountant
Started by obiwan
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I guess that would depend on the complexity of your taxes and how good your accountant is. Also, a good accountant should be able to help you with tax planning (and provide advice on retirement plans if you are have any self-employment or 1099 income). Unless you seriously educate yourself on the tax code, I'd say that saving a couple of hundred dollars a year in accountant fees isn't going to save you a fortune if you have to spend hours doing taxes every year, but that's just my opinion - some people prefer doing their own taxes and get good at it too.
I do my complex taxes myself. No one can understand your yearly taxes like you can if you learn tax rules.
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People that use accountants are going to say they are worth it, and people who don't are going to say you know your situation best and can educate yourself to may an accountant unnecessary. It really is going to depend on your particular situation, how much time you are willing to spend on it, and what sort of an accountant you get. I have had an accountant make a mistake due to a particularly unique situation that would have cost me money if I didn't know better, but then again there are people out there who might miss out on deductions or make other costly mistakes because they try to do it completely on their own. I have used turbotax for the past several years and have been needing the more expensive one each year as my situation gets more complex, but then again I get it free since my brother works for intuit. I also really like spending the time on it and use that time to think of additional deductions (my record keeping could be better which would create a huge issue since an accountant isn't going to remember that I donate that money to the March of Dimes last Febuary, but as I go through looking for other stuff I will see it on the credit card statement) and educate myself on strategies that will help me out the next year. Way back I used to just do a paper 1040 EZ or A and spend some quality time with the associated publications, but I would never try that now (could do it but would be too much pain the ass)
I recommend you do your taxes yourself at least once. It is very educational. Once you've done them, if it is worth it to you to pay someone else, then go for it. A resident's or other employee's taxes are usually ridiculously simple. They can probably file a 1040 EZ, which is like an index card. I think I can fill out a 1040 EZ in less than 5 minutes.
Once you're doing schedules A, B, C, D, E, SE, an 8606 and some other fun schedules, then it starts being a bit of a pain. But if you start early when stuff is easy, then adding a new schedule each year isn't bad.
Keep in mind too that many accountants miss deductions all the time. There's no magic dust there.
Once you're doing schedules A, B, C, D, E, SE, an 8606 and some other fun schedules, then it starts being a bit of a pain. But if you start early when stuff is easy, then adding a new schedule each year isn't bad.
Keep in mind too that many accountants miss deductions all the time. There's no magic dust there.
