I am curious. When you say your CPA has saved you money by finding tax deductions and credits you were unaware of, are those deductions and credits you notice when reviewing the completed returns or do they result from the CPA "proactively" asking you questions or making suggestions that result in said deductions / credits?If you're talking about a couple W2s and a consolidated 1099 from a brokerage, just use Turbo Tax. It's cheap and very easy if your taxes are simple. It asks you a few questions and walks you through everything. Most people end up needing the upgraded version (necessary for certain tax forms), and you have to pay extra for state returns. I think we were paying around $200-300 when we used to use it.
On the other hand, I am a strong proponent of using a CPA if your tax situation is even remotely more complicated. My CPA has saved me far more money than I pay them by finding tax deductions and credits that I didn't even know about. But if your taxes are simple, it's probably not worth it.
In case you may be able to share an example or two without disclosing personal details you would, understandably, prefer not to, I, and perhaps others on the forum, would certainly find it helpful.
I am following this thread as I, like OP, am interested to potentially transition from hiring a tax preparer to completing the returns ourselves next year. While I appreciate having someone knowledgeable prepare our taxes and am fine to pay for that service, I wonder if the preparer is adding any "value" beyond that.
Thanks in advance for whatever information you may be able to provide.
Statistics: Posted by rjbraun — Tue Apr 23, 2024 9:46 pm
