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?
Your Opinion Please: Do my own taxes or hire someone?
by Anonymous | reply 6 | April 8, 2021 6:02 PM |
Don't rush into anything Give it another month or so.
by Anonymous | reply 1 | April 8, 2021 2:20 PM |
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 Anonymous | reply 2 | April 8, 2021 2:35 PM |
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 Anonymous | reply 3 | April 8, 2021 2:57 PM |
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 Anonymous | reply 4 | April 8, 2021 3:31 PM |
Thank you R3. I went to FreeTaxUSA and I think it's better than TurboTax. I appreciate the assist.
by Anonymous | reply 5 | April 8, 2021 5:51 PM |
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 Anonymous | reply 6 | April 8, 2021 6:02 PM |