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Wednesday, February 11, 2015

“DO I NEED A CPA TO PREPARE MY INCOME TAX RETURN?”

Maybe not, for taxpayers whose sole source of income is from W-2 wages and who have had no extra-ordinary events in the past year. If the situation is “simple” and the person is comfortable using software and the internet, many taxpayers can do quite well filing their own tax returns using any of a number of FreeFile and software alternative (TaxAct, TurboTax, etc.)

However, if your tax situation is more complicated, you run the risk of paying more tax without the help of a CPA (Certified Public Accountant) or other tax professional. Especially, if you have a business or receive your income statement by 1099-misc instead of a W-2, or if you receive income from rental property, you will most likely profit from the help of a tax professional.

And, should you decide to self-prepare your tax return, I am happy to review your work without cost or obligation.