Should You Prepare Your Own Taxes?

You can certainly prepare your own taxes, however keep in mind you want to know your strengths and weaknesses. If you aren't normally the organized numbers oriented person, you might consider getting some help.

I did my taxes the first few years when I started my Internet Consulting Business and they were quite complicated. As a result I spent a lot of time learning and organizing. I am glad I did it because I learned the ins and out of running a small business and how to maximize the tax benefits. I don't know if I would have received the same education from a Tax Advisor. I also saved a lot of money by not paying one at the time.

Now my taxes are so complicated with multiple businesses, marriage, kids, investments, house, etc, that I leave it up to by trusty accountant who is always just a phone call or email away. In fact I just used him for some questions on leasing a car. A future blog on leasing is coming up.

Here a few paragraphs from MsMoney's article on Preparing Your Taxes


Preparing your own taxes can provide valuable insight into your financial life. Keep in mind that if you decide to prepare your own tax return, there are many effective software programs such as TurboTax, Kiplinger's Tax Cut, and Web-based tools that help you track your finances, prepare taxes, and file online. Preparing even relatively complicated tax returns on your own is becoming a common, and entirely doable, practice.

Getting Organized: How to Prepare Your Own Taxes

Before preparing your taxes, take the time to organize all the documents you will need. These documents include all W-2 forms sent from your employers and tax statements sent by bank accounts and investment holdings. To learn more about getting your tax documents organized, see our Getting Organized section in Financial Health.

Read On >>