I’m guessing that you don’t love to do your own taxes, but even if you do that’s no reason to take the risk that comes with preparing your own taxes. I’ve seen some very smart people who make a lot of money cost themselves literally tens of thousands of dollars because they were trying to save an $800 bill from a CPA.
This does not make sense.
If you have any complexity to your financial life a good tax person can provide peace of mind that your taxes are being optimized.
What do I mean by complexity?
Well, if you receive stock at work, any stock awards, you should definitely pay someone to have your taxes professionally done. If you are divorced or in the process of divorce, especially if there are kids involved, there can be a lot of places that tax advantages can hide. And you want someone who knows that terrain well to guide you through. If you are making Roth conversions, you’ll want to be sure these are accounted for correctly.
Even I Use a Professional
I am a Financial Planner and have been in the financial industry for nearly thirty years, but I would never attempt to do my own taxes. The fees I pay my CPA are well worth it and each year I learn something new from her.
As a Financial Planner, I spend a lot of time on tax situations and strategies for my clients, but even then, I can never know everything there is to know about the actual tax filings.
You need a specialist. Someone who spends their time understanding the hundreds of tax forms issued by the states and the IRS. Someone who can spot where mistakes may have been made in the past and help you get the best out of your tax filings each year. You need a professional tax preparer.