Should I do my own taxes online?
Yes – for some.
Let’s face it-Just about every time you go online, or open your email-there is some kind of ad for Do It Yourself Tax Prep Software. These types of software are inexpensive and generally work just fine. So, the question is: is this a good idea?
The answer is YES for some of you, and NO for a whole lot more of you:
If you are a W-2 paid employee, who owns a house and has some charitable contributions or Employee Business Expenses, then, by all means, get online and roll up your sleeves.
However, if you OWN A BUSINESS, OWN ANY RENTAL PROPERTY, ARE A PARTNER OR S CORP SHAREHOLDER, OR EVEN TRADE STOCKS ONLINE, then you are likely to be in over your head.
As one professional put it, YOU DON’T KNOW WHAT YOU DON’T KNOW! Seeing the big picture is difficult if you don’t do this kind of work continually, and there’s just too much to miss.
Sure, I can change the oil in my car myself, but I rely on a professional to do it, because he knows what ELSE to look for.