Do you need a tax professional?
BIRMINGHAM, Ala. (WBRC) - The IRS will begin accepting income tax returns on January 27. So should you do your taxes yourself or get someone to help you?
Michael Wagner, with The Welch Group, says really it comes down to three categories.
The first is those people who will likely be taking the standard deduction. He says in most cases, it’s probably ok to do it yourself and suggests using tax software, like TurboTax.
“Last year after the new Trump tax payment went through, 90% of filers took the standard deduction. That means for the vast majority of taxpayers, doing it yourself is very easy,” said Wagner
The second group is those people who will be itemizing. Wagner suggests using an accountant or doing it yourself and having someone look over them.
Finally the third group, that will likely need a CPA, are business owners or people who are self-employed.
Wagner has seen clients in the past spend more up front, but save a lot more on their taxes.
“He (a client) had never wanted to pay a CPA. We got him in touch with a CPA. The CPA said it would be about $2,000. He was a little hesitant about doing it. After all was done, the CPA saved him over $20,000 in taxes by finding certain credits that the state offered him.”
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