This is a sponsored post. All opinions are 100% my very own.
I admit that being a single, working mother has opened up new challenges for me. I was married for 18 years, and I was the wife that just said, “Sure, honey,” and signed our tax refund paperwork.
I had no clue what any of it meant, nor did I even try to figure it out.
I was Stupid!
I will not go into the details, but I have now made a vow to myself that I will always be aware of my financial situation. I will make a diligent effort to be a good steward of my money. This includes doing my own taxes.
Breathe with me!
3 Reasons You can and should do your own Taxes
- Saves Money. Hiring help isn’t the least bit cheap. Taxpayers who itemize deductions should expect to pay a tax preparer an average of $273 for the standard Form 1040 and a schedule A according to the National Society of Accountants. Someone who doesn’t itemize deductions will pay an average of $159 for a 1040 and a state tax return. This is just an average for a basic tax return.
But most taxpayers would be better off financially by keeping the cash in their wallets. Even though the tax code is growing more complicated, most tax returns are actually fairly straightforward and can be done at home using professional tax software, tax experts say.
2. Keep Confidential. By having someone else file your taxes for you, essentially you are turning over all of your confidential, financial data to a stranger and paying them to file a vital document that could have a big effect on your finances and well-being.
Maybe I am just a private person, but this makes me feel uneasy. I also like the feeling of the control I get from being able to see how all of the numbers are crunched. It helps me better prepare for next year.
3. It’s convenient. By using a professional tax software, you can file online. Most programs ask simple and direct questions covering tax law changes to maxime your credits and deductions. After e-filing, you can be notified when your return is accepted by the IRS.
“Consumers now have everything for filing their own tax returns right at their fingertips,” says TaxACT spokesperson, Jessi Dolmage.
Most people choose not to do their own taxes due to the fear of making a mistake, but with the ease and direct questions prompting of the professional tax software, you are in good hands. Most mistakes happen when people wait to the last-minute and feel rushed.
The bottom line….Don’t wait to the last-minute!
Have you filed your own taxes in the past? If so, would you do it again?