It’s that time of year again and tax forms are starting to trickle in through the mail. Over the coming weeks you’ll be receiving W-2s, 1099s, investment statements, mortgage statements, and a number of other important tax documents. So, whether we like it or not, tax season is upon us. The tax deadline is quickly approaching, but the good news is you get a few extra days to file your taxes this year.
With each passing year the tax code seems to get even more complicated with new credits, exemptions, and rules. This year a lot of people will be working to figure out the taxes on their Roth IRA conversion. If your tax situation is relatively simple you can probably get away with doing your taxes on your own and even file your taxes for free. But those of you who own homes, a business, taxable investment accounts, or had any major life change occur during the last year may find it better to seek professional help. That’s what I did a few years ago when I finally hired a CPA to help with my taxes. That obviously isn’t the cheapest way to go about it, but the money she saved and strategies she helped put in place amount to thousands in savings.
So that brings me to today’s question. How do you do your taxes? Are you a do-it-yourselfer or do you let somebody else take care of it? Or do you stick to a quick and easy free filing option or are you more comfortable with paid software such as TurboTax? Let’s hear it.
Author: Jeremy Vohwinkle
My name is Jeremy Vohwinkle, and I’ve spent a number of years working in the finance industry providing financial advice to regular investors and those participating in employer-sponsored retirement plans.