What Do You Have To Lose?

What Do You Have To Lose?

The thought of tax season brings about many emotions for different people. Fear, excitement, dread, confusion, and anticipation to name a few. Some of these emotions come from whether or not an amount is going to be owed or refunded. While some of the emotions come from thinking about tax preparation.

We have several options when it comes to tax preparation.

  • We can prepare taxes ourselves or have someone else prepare them.
  • We can pay for tax preparation or do it for free.
  • We can prepare them online or use paper forms.
  • We can file them electronically or mail them.

The option you choose may determine how much your pay for tax preparation.

There are at least seven companies that will allow you to file your federal and state returns free, if you have simple tax returns (W-2 wage earners with no dependents and no credits or itemized deductions). The average cost to have a federal and state return with no itemized deductions prepared by a paid preparer is $129. The average cost for the big chain preparers is $200. I can vouch for that since I worked for one of those companies 10 years ago.

Tax preparation can be complicated, especially with all of the changes that take place with tax laws every year. Tax preparation can also be simple if you are single or married with only W-2 income and even with children in some cases. If you are willing to read and to follow instructions (tax software has made it easier to file your taxes), you can possibly save up to $200 or more. Can you think of anything you could do with $200?

Try it for free. If you find that it is easier than you thought, then you will end up saving money. If you find that it is too difficult for you, then you can pay someone to do it like you usually do. What do you have to lose? Try it. It just might work for you. All the best!

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