New Contributor
moneypenny02
Posts: 83
Registered: ‎04-27-2012
taxes -- pay or do it myself?

Hi all, 

I typically do the taxes for my husband and myself.  I was planning to do it again this year, but was wondering if it was possible that a tax professional may be able to obtain a greater refund than I have been able to.  Our tax situation seems pretty uncomplicated -- our income is from jobs with W-2s, and we have some regular savings accounts that have given us interest but no investments or other sources of income.  We also do not own a home.  We paid a lot of interest on student loans -- but it seems like our incomes are just barely too high to be able to deduct those payments.  (Although I am considering filing separately to see how that affects our refund.)

 

Just curious as to what those who have used a tax professional think the value added may be (and what the cost typically is).  

 

Thanks!

Frequent Contributor
QAMngrGirl
Posts: 463
Registered: ‎11-28-2012
Re: taxes -- pay or do it myself?

Do you file using 1040EZ?

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New Contributor
moneypenny02
Posts: 83
Registered: ‎04-27-2012
Re: taxes -- pay or do it myself?
[ Edited ]

I typically use an online product.  I used turbo tax in the past, but for the last few years I have been using TaxAct.com.  I can't remember why I made the switch, but it was likely the cost for state filings (after I checked that the refund amount was the same with both products in my 'switch' year). 

New Contributor
moneypenny02
Posts: 83
Registered: ‎04-27-2012
Re: taxes -- pay or do it myself?

Any insight/opinions from those who have used tax preparers?

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Senior Contributor
laz98
Posts: 4,291
Registered: ‎09-06-2008
Re: taxes -- pay or do it myself?

It never hurts to have a CPA look at your taxes.  They know what the most current tax regulations are.  It's pretty often that they find something you didn't think of, or ask questions about things you overlooked.  I guess it just depends on how confident you feel about how you have been doing your taxes.

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Regular Contributor
bcdudley
Posts: 141
Registered: ‎04-06-2010
Re: taxes -- pay or do it myself?
[ Edited ]

About 3 years ago, I did my taxes on Turbo tax. It said I owed $2500 and I went through every section 4 or 5 times. I then went to H&R and paid them the $150. I wound up getting $1500 back. I have been going back th them every year since without hesitation.  My returns have not been that big again, but they always come out better than any online software and I always end up on top. Try it for yourself and see if it is worth it.

 

I just did my taxes online a few minute ago and was told I owe $241. I am now anxious to see hwo much I will get back.


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Frequent Contributor
twall06
Posts: 340
Registered: ‎10-25-2012
Re: taxes -- pay or do it myself?
I always do mine online. I don't like paying someone for something I can do.

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New Contributor
moneypenny02
Posts: 83
Registered: ‎04-27-2012
Re: taxes -- pay or do it myself?

Thanks for the responses....  I have my completed taxes online, and have still been debating this.  Perhaps if I can get in to get them done this weekend, I will jjust pay the $150 and see if I come out any better....If not, at least I will know!

New Contributor
moneypenny02
Posts: 83
Registered: ‎04-27-2012
WOAH!

WOAH!  I just called to make an appointment, and they quoted me $300 or more (depending on the number of forms).  I have only W-2s and a few hundred (MAYBE!) in interest income from savings accounts and it is $300 to enter in that much info????  I could probably do a 1040EZ and end up with the same results and they are charging $300???!?!?  That sounds excessive (and double what I thought it would be!)

Frequent Contributor
twall06
Posts: 340
Registered: ‎10-25-2012
Re: taxes -- pay or do it myself?
Yeah when I turned 18 I had them do my taxes cause I didn't know anything they charged 400 I think . Cause I had several jobs and they charge for each piece of paper you bring so a few w2s intrest from student loans and I think intrest on my retirement plan . That was also the least I ever made in a year and some how I had to pay in that year . Maybe I had a 1099 to.

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