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Your Opinion Please: Do my own taxes or hire someone?

In the past I've used Turbo Tax and taken the standard deduction and taken care of this online. It's just me and my life is pretty simple. Last year I bought house and heard about all the tax benefits of home ownership. My question is, should I continue doing my own taxes online with Turbo Tax and take the standard deduction or go to a professional?

by Anonymousreply 604/08/2021

Don't rush into anything Give it another month or so.

by Anonymousreply 104/08/2021

I go to a place call Taxes R Us - the guy there really knows his business and helps me a lot. I'll be seeing him this Monday.

by Anonymousreply 204/08/2021

Do them yourself, of course. I use FreeTaxUSA, but they're all mostly alike...they'll walk you through the whole thing question-by-question. If you're living in the home, there shouldn't be anything tricky, because your lender will have sent you all the info you'll need for taxes. If you're using it as a rental property, you may want to go to a professional the first year, because you need to depreciate it, and it can be confusing to set that up. Don't wait, OP, just log-on and do it. Good Luck.

by Anonymousreply 304/08/2021

If all that's changed is itemized deductions, it shouldn't be that much more of a challenge to do it with TurboTax or another type of commercial software (even the free versions.) And remember-- unless you have substantial interest expense and charitable contributions, you might not even be able to itemize.

by Anonymousreply 404/08/2021

Thank you R3. I went to FreeTaxUSA and I think it's better than TurboTax. I appreciate the assist.

by Anonymousreply 504/08/2021

No reason to hire someone - a waste of money. Even using software seems necessary. Unless your mortgage is over $500,000, you will likely just take the standard deduction of $12,000. It’s about 3 numbers to fill in and 3-4 calculations. Even a non math person should be able to do it in 45 minutes - without TurboTax or any software.

by Anonymousreply 604/08/2021
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