How the heck do you figure out your taxes? Do you do them yourself or do you take them to a friend or service?

Preparing your taxes is a pretty daunting endeavor. That’s why Accountants have four-year degrees and certificates for passing an intensive test. I used to try and figure it out on my own. Actually, up until three or four years ago, to be exact - then I started using a CPA to prepare my Tax Return. Here was my rule of thumb: if you are taking the Standard deduction, you can generally do it on your own through one of the online Tax Return preparation software, like TurboTax or TaxSlayer. (I used to use TaxSlayer at the time because it only cost $10 for Federal and the State return was free). They walk you through the process step by step and you can research the line items to see if you qualify. If you have any circumstances which require Itemization or additional deductions to the Standard, i.e. owning your own business, having a freelancing gig on the side, being married, having kids, owning a home, etc. have someone help you!

There are too many tax laws to remember in the first place. In addition, these laws are changing constantly. Accountants are paid to stay on top of the regulations and will better assist you in getting the most return for your taxes. What we plan to do this year is sit down with our Accountant at the 6 month mark and plan on how we can minimize our taxes and start preparing for Tax Return Time. Always save receipts, especially for donations. As a student, there are Educational Credits you can receive. You can write off Tuition and books, as well as Interest paid on Student Loans once you start repayment. These are all things your accountant can help with the $50 - $100 spent for having someone prepare your taxes is well worth it, especially when they can save you hundreds of dollars!