Blogs » A Constitutionalist & Believer in Natural Law » Should You Prepare Your Own Taxes?

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The following to me are very legitimate reasons to do your own taxes.
 
1. You have the time to prepare your taxes.    The Internal Revenue Service estimates it takes about 26 hours to prepare your own itemized tax return. And if you are a contract labor or own a business or own rental property these extra forms require on average 57 hours (this is more time than the average work week).
 2.    You do not want to spend the money to hire a professional tax preparer. On the low end you can expect to pay $80 to $150. A very complex return can cost several thousand dollars. Te average itemized return cost more than $200.00. If you hire a tax attorney or CPA the fees will be higher.  If your income is $42,000 or lower the IRS will assist you preparing your tax return for free (You will need to be able to go to their office for this service).  
3.     You do not want a loan for the amount of your tax return.   While there are some tax software manufactures that offer this service when you purchase their software, most do not.  If you want a tax refund loan, you are going to have to seek a professional.
4.    Your return is relatively simple and requires nothing more than filling in the blanks. If you have a computer, there are tax software programs that are relatively cheap that takes away the problem with math calculations and data transfer from page to page. These programs have taken out the complex wording of IRS form instructions and replaced them with question-based program. In some cases if you met the income limits you can use the tax programs for free.   I contend that some taxpayers with very simple tax returns should not pay someone to just fill in the blanks on their tax returns. In most cases 1040EZ and 1040A tax filers should not pay someone to prepare their taxes.  Often there are free local community tax preparers that will assist low income and elderly in preparing these simple tax returns.