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- We became a nation of DIYers during COVID, but is this a good idea for our taxes?
- It depends on how complicated your taxes are, accountants say.
- A standard deduction and few income sources, though, usually means you can probably go it alone.
During the pandemic, we all became do-it-yourselfers of everything from home renovations to portfolio management. We even learned to bake our own bread and cut hair.
But is doing your own taxes a good idea?
Like almost anything related to taxes, it’s complicated. It depends on how messy your finances are, how much you hate doing taxes, or if you’ve had a recent life change.
Typically, DIY taxpayers are young, just starting adulthood and owners of few assets. An IRS study showed 53% of all taxpayers in 2021 used a paid tax professional, but Gen Z was significantly less likely than any other age group. Thirty-three percent of people 18 to 24 used a tax professional compared with more than 50% in every other age group.
Meanwhile, middle-income earners between $75,000 and $90,000 were the most likely (59%) to turn to a tax pro, the IRS said.
There are pros and cons to going it alone or enlisting help. We’ll unpack them here to help you make an informed decision. After all, a wrong decision could cost you money or, worse, invite an audit.
Be in the know:Are you ready to file your taxes? Here’s everything you need to know to file taxes in 2023.
When’s a good time to DIY?
If you have a limited number of income sources, say a…
