Do you do your own taxes?

Muskrat

Senior Member
Location
Mainly arizona
I had been paying someone for years to do mine. Originally this was triggered by buying rental properties. Then my trusted tax gal retired. So….i did my own using an online company which happened to be the same company my tax gal worked for. I struggled for two days. But man it was worth it. I learned sooo much about how she figured out things like depreciation. I will do my own again this year and going forward.
 

My taxes are fairly simple, so I always use TurboTax to do them myself. The first year after the divorce I went to H&R Block, paid $400, and the woman completely botched up my return. I spent months trying to fix it with the IRS.
 
I've always done my own but I've never been a landlord or owned any business besides a sole proprietorship. I get the strong impression that those who pay others have no idea what's really going on. For example the 2017 middle-class tax cuts that are being allowed to expire next year.
 
With the exception of one year at least 3 decades ago, when I didn't have time to do them...yes. I took them to an accountant that a good friend recommended and realized after I signed and mailed the return that he had fudged numbers for medical expenses. I picked it up on the last day of filing and was rushing to get it mailed off. I was nervous about possibly being audited, but thankfully, that never happened. I decided never again! Back to doing them by hand until I got hip to online tax programs.

I've been using H & R Block Tax Cut for several years. It's cheaper than Turbo Tax, easy enough to use and gets the job done.
 
I haven't paid for Federal or State filing software for years. There are free alternatives.

I believe that for 2025 filing the IRS will finally provide free filing in 24 States. For 2024 it was only offered in 12 States. Of course we're still left out. :(
 
I've used Express1040 the past several years. It is free to use and to have them submit the Federal return, but they charge for the state return (this year increasing to $18 sighhhh). They also charge if you want a paper copy mailed to yourself (I don't have a printer so I pay for that option).
And one year I'd made a mistake (moved inherited IRA from Edward Jones to Fidelity and managed to forget to take the RMD), and then I had to pay to make an Amended Return.
 
We did our own with Turbo Tax until MIL passed away & we had that to deal with. We decided it was too much & used a CPA.

We ended being reluctant landlords for hubby's sister & the CPA was a big help at tax time. It was worth the money. Since SIL moved out on us & we sold the house this year, we will use her until are taxes return pre-landlord status. Most likely will go back to Turbo Tax.
 
I did them back when our financial situation was simple; i.e., little net worth.

Now we use a CPA firm. Once Spouse retired, I turned the investment accounts over to an independent CFP firm, and then we started using a tax advisor. Our portfolio is handled in a tax-advantaged manner, and our CPA is complimentary on how both the CFP firm and we, personally, stay aware of upcoming tax situations to discuss as needed.

Using outside firms is a two-way street. If you think about how your circumstances or income will change in the upcoming year, then you'll have questions for which you need professional answers.
 
Of course I have. Every year of my life. Years ago, when I lived in NYC, I had to do city, state, and federal tax returns. In New York, the only cities that had their own tax returns were Yonkers and New York City. Some where along the line, city and state were combined.
 
I used to. Then after I bought that house (since sold) I went to a tax place where I still go. I could do them myself but I have enough stressors and it's so simple to go there. It is getting more expensive every year though.

My stepfather goes to some free senior tax prepare in town during tax season. May look into it some day.
 


Back
Top