In the past, I’ve always done our taxes myself, but this is the first year that we’re actually planning to use an accountant.
When I first started working and earning an income I was young and had nothing to deduct. I was able to use the good old 1040EZ form which was a piece of cake to fill out.
As the years went by our situation gradually became more and more complicated with kids, a house, mortgage interest, student loan interest, and medical expenses. Even when I first started my online business and had to worry about income, expenses, and business taxes…I still didn’t have much trouble doing my own taxes because TurboTax and tools like W2 Instructions made it really simple.
But with my father-in-law’s passing away last year we have a whole bunch of things up in the air. Some stuff is in his name, some is in my wife’s name, some we’re not even sure who has to pay the taxes on some stuff. Plus as my online profits continue to rise I want to make sure I’ve got everything covered.
So since my time is stretched thin already these days and I’m not even sure how 2011 tax changes would affect us, I think we’re better off getting some professional advice. Who knows, maybe he can find some business expense or tax credit that I’ve been missing out on or show us how to save through other deductions. Plus, I want to find out if some of the home improvement work we have planned is eligible for energy tax credits in 2011.
What about you? Who does your taxes?