As tax season gets close to wrapping up, I thought this piece from Business Insider was timely
It gives a flowchart, decision-tree on whether you should do your taxes yourself or have someone else do them for you.
The times they suggest you should hire someone include:
- Household income over $200k
- Self-employed or own a business
- Extensive investments
- Make large charitable donations
- Had a major life change like baby or marriage
- Don't have the time and patience to DIY
Other than the major life changes, all of these pertained to my family for most of the past 20 years. That's why we've used a CPA to do our taxes for most of that time.
This year it took me a fraction of the time to get everything together for my CPA. Once I retired things did get a bit less complicated in some ways, but more complicated in others (like having a daughter in college.) So unless things shift drastically for us, we'll probably keep using a CPA for taxes for the foreseeable future.
How about you? Do you hire someone or DIY? Why did you decide to do it this way?