Do you guys do your own taxes or hire a CPA?

[PocketThunder]

I have always hired a CPA to do my taxes but most of the guys at work here do it themselves.  I feel like a dumbass but for some reason i like the piece of mind that my accountant found something i would have otherwise missed.. 

[moparstuart]

  Before i bought my buisness we did our own , but now it's way to complicated , plus my wife and I both work in one state and live in another .  We own property in missouri and in kansas .   

[68coronetGLwannabe]

Small business owner so I have a CPA. Taxes are way to complicated anymore.

[ITSA426]

I have used the same tax accountant for about 25 years so she is aware of all the changes in my life and how they impact the tax situation.  She offers advice for next year's planning and is NOT the same person I use for my other financial planning.  Part of a check and balance system for our finances.  If it's going to be complicated, paying for the expertise is money well spent.  I know where she is all year if I have a question.

She found a huge mistake the previous retirement planner made in a retirement plan that cost us a large chunk of money; but now I can deduct that loss for about the rest of my life.  He (the planner) was replaced before I got my refund that year despite being very insistent on doing our taxes for free as part of his service.  I hope he rots in jail but he didn't really do anything illegal, just unethical, and expensive.

We don't use the seasonal shops like H&R and we work on relationships so we have a comfortable feeling about who we are working with.   This is the best way for legal work, tax work, and medical professionals, and probably car dealerships.  I interviewed my family doctor before he got to touch me.  He said that was a first for him.  

Some things are just worth the money.

[Neal_J]

For me, both (see signature below).

My counsel to prospective clients is that if they have a relatively simple return, do it themselves as TurboTax & the like are very good.  Once it gets complicated, I say hire a pro.  Most folks feel better turning over the difficult stuff to a pro and knowing its done correctly.  It's kinda the same reasoning behind why I don't do my own surgery anymore.

I'm not a fan of H&R because they largely hire seasonal tax preparers not CPAs and their expertise is generally more limited.  

Sometimes, once a CPA has done the work in the 1st year, you can mimic/repeat the process yourself in subsequent years if you're comfortable and nothing significant has changed.   No charge.

Neal J., CPA

[Dodgecharger74]

I use a CPA  I have a business Taxes are to complecated  I tried to get tax deduct on my Charger as a company vehicle That did not work out!

[68X426]

I feel like a dumbass but for some reason i like the piece of mind

The dumbass part is only if you assume that CPAs (or EAs or any tax preparer) are infallible and therefore you will have "piece" (you mean peace ) of mind.  

There is plenty of malpractice out there. It' shocking really.

You (all of us taxpayers) do need to take ownership of our tax situations even when a CPA does the work. Ownership meaning becoming more knowledgeable of the work being done and being a solid client and participant for/with the CPA (of course same is true for your relationship with your planner, dentist, plumber, lawyer, car restoration guy, computer tech, etc etc.)  

In other words, get involved and stay involved.

[bakerhillpins]

When I was single I did my own and after I got married we have done our own taxes every year (turbo-tax) except the year that I was party to my grandfathers estate. Then it got complicated and we used a service for that year.

Now that I have a business on the side (just send in the paper) I will see how it goes but suspect that I will be using a CPA in the future. Though things with the biz will most likely be slow, it's a part time thing, so it might be manageable for a few years.

[stripedelete]

If you don't have a business, or rental property with a bunch of depreciation schedules, or you don't plan to be appointed to Fed-Chairman, Turbo-Tax should work just fine.   

[Dans 68]

I do have a business (S-Corp), and keep all my records on Quickbooks. I use turbo tax to do my returns, but run my returns by my accountant to ensure I didn't miss anything. Best of both worlds (If you like to know where your money went and are willing to take the extra time).

Dan

[Manfred318]

I usually do my own, but they are pretty straight foreward. I will also do them for a few friends every year.

[694spdRT]

I have a CPA do ours because of the business.

[ACUDANUT]

 I use a CPA..Stay away from H and R block and others like it...They are only good for "simple tax forms" that you can do yourself.

[71ChallengeHer]

I do my own taxes and a few of my friends. I've done taxes for years.

[oldcarnut]

I used to do all mine up until we got rental property and got the complications that goes with it.  I've been using the same company for several years.  They are year round tax and CPA folks. It costs me some but I get more back for things I didn't know about to offset it and helps with things done correctly so I don't intentionally set myself up for an audit.  Even the long forms are not that difficult to do yourself.  The Turbo tax and similar programs are easy enough to follow.  The seasonal hired tax folks I think basically are asking you to give them the info you already have to type in the blanks that you could do yourself.

[greenpigs]

I did a dry run of ours then used a recomended CPA from my parents and they were several hundred dollars in the green compared to what I got. So I pay to have it done and still check but somehow they are a few hundred better than I can get + they are only $50.

[gtx6970]

Small business owner so I have a CPA. Taxes are way to complicated anymore.

ditto

[bull]

I just use TurboTax but my situation is pretty simple.

[chargerboy69]

I am a small business owner.  My wife does the books on Quickbooks, then transfers the information on a memory stick and takes it to the accountant.  I want to make sure it is done right.

[Troy]

You pay taxes?

I kid, I kid! If you were a federal employee you could get away with it though.

I use Tax Act but my returns are extremely simple - I don't have any dependents, don't own anything but cars, and I only work one job.

Troy

[PocketThunder]

You pay taxes?
Troy

Well not really, being married with 3 kids and just my 1 income, we pretty much dont pay hardly anything.   But my friend at work and his wife who are D.I.N.K.'s pay a sh!tload!       

[Tilar]

When I had my business my CPA did my taxes. When I semi retired and sold some stock I used a CPA. The farm is still in Dads name so he handles all of that. When I have a year that I don't have anything but a W2 and nothing to claim but my part time job income, I do it myself. TaxAct and the others are very thorough.

[ACUDANUT]

 NO MORE TAXES !!

[68X426]

At least we don't get all the government we pay for.

[PocketThunder]

At least we don't get all the government we pay for.

Thats right, you get less than you pay for + what they borrow from China to pay for!