Should we do our taxes ourselves or pay someone else to do them?

[taubel]

My DH is good at math, but he is certainly no CPA. He has been doing our taxes for the past few years without any problems (that we know of, anyway).

This year our taxes might be more complicated, since we recently had new windows installed and want to get the $1500 tax rebate.

I work for a credit union, and we have a tax division. We usually hire CPAs as our seasonal preparers. It would cost us between $150 and $200 to have them do our taxes.

We own a home, have three kids, I work part time and DH has a full time and a part time job.

Do you think we'd be better off having the taxes prepared for us? We always get a good chunk back, but I want to make sure DH isn't missing anything.

Thanks!

[june'smom]

I have always done our taxes.  That being said, I really hate it.  It takes a long time, is stressful, and I worry that I am going to make a mistake.  Now that we are both self-employed, we will be going to someone.  One of my biggest fears is getting audited. 

I never really worried about that, though, until we owned a business.

[~Charlie's~Angel~]

We always have someone prepare our taxes for us.  My husband was a Sub-contractor for many years, so we felt it was important to have an outside party review his "books" to validate accurateness.  That said, he has been an employee on someone elses books for a year and a half, however, we still had our accountant do our taxes for us.  We just feel more secure having a professional do everything, this way we know we arent missing anything, that would either help us or hurt us.  And then the cost of that preperation can be claimed on the following years taxes. 

[Usually Curious]

Doesn't the tax preparing software catch most deductions?

[LifewithSage]

If all you really have is a mortgage tax deduction, a property tax deduction and an energy tax credit then I would just use the cheapest turbo tax online and skip having someone prepare your taxes.  I wouldn't go for the free version of turbo tax becuase it doesn't have a walk-through that will really help you the first time preparing your taxes on your own.

Really, turbo tax makes taxes really easy....

[taubel]

It's funny - I was just going to post again and ask about Turbotax! I went online to check my bank account, and they have a link to turbotax. 

Is that the best way to go?

[Stayseeliz]

I like www.taxact.com It's really easy and the free version walks you through everything.

[Carson]

Yep, I would use turbo tax or hr block online - either of those would be more than sufficient to do it yourself with the guidance you need.

[Usually Curious]

On a comparison review here:

http://taxes.about.com/od/taxsoftware/fr/taxactdeluxe.htm

I read that TaxAct provides help w/filling out the FAFSA. That is hugely helpful for us as ds and I are both starting college in the fall and need to fill out a FAFSA anyway!

[JesKace]

I've always used turbo tax to do our taxes.  We'll be getting back the energy credit this year also for putting in a new heating system.  I looked around online and it looks as though it's only 1 extra form that has to be filled out with the taxes, which turbo tax should include, and you'll have to have all your receipts from the installation.  I know in previous years when going through the walk-through in turbo tax it asks if you've made any changes to your house that would qualify for the credit (up until now, we haven't). 

Our taxes are usually pretty basic since my husband works for a company and gets a regular w-2 and I stay home.  We have 3 kids and own a house also, the mortgage company sends all the needed paperwork.  I have done our taxes in years past when we bought/sold a house and had to pay the penalty for not staying there for 2 years which was a little trickier, but do-able.   Last year Hubby got his w-2 and a 1099 which made things a little more difficult because it was money that we hadn't paid taxes on so it reduced our refund.. As long as you go slow and take your time getting all the info in, I don't think you need to have someone else do them.  If you or your hubby owned his on company and it was going to be a more complicated return because of deductions and such, then I'd consider going to someone else to do them.

[craftykel]

I've always used Turbo Tax online.  We had a credit last year for new windows.  I just filled in the info when the energy credit questions came up.  Also, you don't have to pay until the very end when you're ready to file.  If you get midway through and decide you don't want to do it yourself you can stop.