Should You Use a Tax-Prep Service?
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The level of tax-prep assistance you need will depend on the sophistication of your finances and investment returns. For example, if you have a home business, have investments and earn a sizable household income, a CPA may be more ideal for tax preparation, advice and planning.
But if your tax returns are relatively straightforward, a tax-preparation service may be a more convenient and affordable choice.
The only question is whether buying a tax-prep software program and doing your own tax returns is an even better option. Software programs may make more sense if your tax-related paperwork is organized, forms don’t intimidate you, and you know where to turn online to determine the tax deductions, credits and rebates that are available to you. If you do your own returns, the IRS offers free live tax assistance (800-829-1040).
Or if you earn less than $54,000, you don’t have to spend a dime to file your return. The IRS provides free electronic tax filing services. FiLife reviewed the Free File service here.
In addition, taxpayers age 60 and older can receive free tax aid from the American Association of Retired Persons (AARP) in a cooperative agreement with the IRS (888-227-7669).
Important: No matter who prepares your tax return, you are ultimately responsible for all of the information reported. Review your return before you sign it, and ask about anything you don't understand.
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There are two very popular tax-prep software packages that not only allow for "interview" style of tax preparation, but also provide online, phone, and realtime support.
If you go to a professional tax preparer, you might be surprised to find that they're using the same software. The advantage of these people, to be fair, is that they do 1000s of 1040s in a season, rather than you just doing yours.
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