When to Pay for Tax Prep
The coronavirus shutdown bumped Tax Day out of April and into July, but it didn't eliminate the need to file — and whatever concerns you had early in the year should be back on the list of things to think about.
For starters, there's no question doing taxes yourself can save money. A 2016-2017 survey by the National Society of Accountants said tax pros charged an average of $273 to prepare a Form 1040, Schedule A, and a state return. That's no small chunk of change, especially when it’s so cheap (or for some filers, free) to use a guided tax-preparation program online. But going it alone can be extremely costly in the long run if it leads to avoidable errors or omissions that leave money on the table or pique the interest of the Internal Revenue Service. Read on for potentially tricky situations where using a tax pro might make sense.