Year after year, the number of people taking their finances into their own hands continues to grow larger.
If you’re like many others, you’re probably interested in doing your own taxes. You want to know the difference between going with a private certified public accountant or tax preparer, visiting a large tax filing business, or filing your taxes yourself. This article explores your options for filing your taxes in the most convenient way possible.
Here’s a tip!
To get started with tax filing, you’ll need a few pieces of information:
- Which tax bracket do you fall under?
- Do you have all your investment and retirement information on hand?
- What itemized deductions will you claim?
- Did you or your employer withhold taxes throughout the year? If so, what’s an estimate of that amount?
When should you get started with filing your taxes?
Generally, you want to prepare for tax season the year before. Keeping up with your withholdings, investments, business expenses, and any other relevant data will help you file your taxes efficiently. When you start early, it can also help you save tons when you predict where you can minimize your liabilities and maximize your returns.
At the start of the year, get organized with your income and your expenses. There are apps like Mint that helps you keep track of your expenses, investment accounts, and income. You could also keep it traditional with pen and paper or an excel sheet.
Should you work with someone or file your taxes yourself?
When you go with a tax preparer, you’re paying for the convenience of not having to sift through all your finances yourself. Tax Preparers also come with a career’s worth of experience that helps them ensure they’re leaving no stone left unturned.
Many CPAs and tax preparers charge a flat rate whether you’re managing many streams of income or receive only one paycheck. In some cases, it might be very easy to manage your own finances and file your own taxes.
The benefit of a tax preparer comes when taxpayers earn multiple sources of income and have a complicated financial
How do I get started with filing my own taxes?
Using tools like TurboTax’s self-filing service makes it easy to take control of your money. With TurboTax, you can easily file your taxes online for free without needing to leave the comfort of your computer.
Need help with filing your taxes? TurboTax offers help from certified professionals, making sure that you’re getting the assistance you need to maximize your tax savings.
TurboTax is a robust tax filing service that gives users the power to control their tax filings and understand the best methods reporting your income to the IRS.
