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« Free Financial Planning Advice Today | Main | TurboTax Winner Named »

January 15, 2008

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Nowadays if you have anything more than a W-2 and a few 1099s it is a good idea to hire a CPA. The tax laws are getting more and more complex every year.

(Full disclosure - I am a CPA.)

Also keep in mind that if you itemize your deductions, you can claim you cost of tax preparation for the prior year. This deduction is subject to the 2% of AGI limitation (meaning you can only claim as a deduction amounts paid over 2% of your AGI (form 1040 lime 38)).

You can take this deduction whether or not you file your own taxes, but the cost of a Tax Pro is generally much higher than the cost of packaged software and therefore more likely to hit the 2% threshold (though unreimburseed job related expenses, and some other expenses also can be included here).

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