meta_pixel
Tapesearch Logo
Log in
Money Girl

011 MG Get Ready for Tax Time: Should You Prepare Your Returns Yourself?

Money Girl

Macmillan Holdings, LLC

Investing, Education, Business, Entrepreneurship, How To

4.61.8K Ratings

🗓️ 27 February 2007

⏱️ 5 minutes

🧾️ Download transcript

Summary

Pros and cons; plus, a helpful checklist. Like what you hear? Help us out by writing a review at iTunes. Questions go to [email protected]. Thank you!

Transcript

Click on a timestamp to play from that location

0:00.0

Hello and Tax season is here. Today's topic is whether to prepare your own tax return or hire a pro.

0:17.0

Several of you have emailed me asking whether you should prepare your tax returns yourself or hire a tax professional?

0:24.1

The answer depends on your own tax situation and your personal preference.

0:28.4

Here are a few suggestions.

0:30.9

If your tax situation is straightforward and you're comfortable doing so, you might choose to prepare your taxes yourself.

0:37.0

Programs such as TurboTax come in very handy and work well even for more complicated returns in most cases.

0:44.0

Text prep programs guide you through filling out your returns in an interview style

0:49.0

where you simply answer the questions you're asked.

0:52.0

The programs also allow you to enter the

0:54.0

information directly into tax forms. The IRS website has answers to

0:59.2

frequently ask tax questions. You can also call the IRS toll free at 1-800 829-1040 for help with your tax questions.

1:09.2

If your tax situation is complicated or you have a lot of questions or need specialized advice,

1:15.0

it can make sense to hire an experienced and knowledgeable tax professional.

1:19.0

For example, if you own your own business, have rental properties, or had a major change in your financial life in 2006,

1:27.0

the advice and know-how of a professional can potentially save you time, headaches, and money. Two other good reasons to hire a professional

1:36.1

are one, if you don't have time to do your own taxes, or two, if the last thing you'd ever

1:41.8

want to do is fill out those forms yourself.

1:45.0

Even if you prepare your returns yourself, it's still possible to hire a professional for a consultation.

1:51.0

You might want to do this if you're comfortable preparing your own returns but

1:54.8

want specific advice or to strategize about optimizing next year's taxes. Keep in mind that the

2:01.2

expertise and skill level of tax professionals varies greatly.

2:05.0

If your return is simple, an experienced tax preparer can get the job done efficiently.

...

Please login to see the full transcript.

Disclaimer: The podcast and artwork embedded on this page are from Macmillan Holdings, LLC, and are the property of its owner and not affiliated with or endorsed by Tapesearch.

Generated transcripts are the property of Macmillan Holdings, LLC and are distributed freely under the Fair Use doctrine. Transcripts generated by Tapesearch are not guaranteed to be accurate.

Copyright © Tapesearch 2025.