In this video, I answer the question, Do You Really Save Money by Doing Your Own Taxes? A lot of people go into tax season thinking about this question: should I have my taxes done professionally or save money by doing it myself?
It’s always good to be thinking and weighing the options, but for many people, doing their own taxes may not actually be saving them money. In the video I explain why.
The average fee for preparing Form 1040 with itemized deductions, along with a state income tax return was $323 last year according to the National Society of Accountants. Additional forms will add to the fees, depending on whether you own a business, have extensive investments, etc. This year due to inflation, the costs may be even higher.
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Do you have questions about Do You Really Save Money by Doing Your Own Taxes? I’m an Illinois licensed, Registered Certified Public Accountant with over 25 years of experience. I’m dedicated to providing outstanding tax and accounting services to individuals and small businesses in the Chicago area.
Disclaimer: Any accounting, business or tax advice contained in this article, is not intended as a thorough, in-depth analysis of specific issues, nor a substitute for a formal opinion, nor is it sufficient to avoid tax-related penalties. If desired, I would be pleased to perform the requisite research and provide you with a detailed written analysis. Such an engagement may be the subject of a separate engagement letter that would define the scope and limits of the desired consultation services.