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herlife | financeTaxes:Could I Really Do Them Myself?by catie watsonNot so very long ago the only optionsfor filing your taxes werepaying a CPA or tax service todo it for you or doing it yourself with penciland paper. According to the IRS, about 60percent of Americans still pay a professionalto prepare their taxes. For those who do itthemselves, pencil and paper are no longerthe only option. There are a variety of do-ityourselfsoftware packages, including somesupplied by the IRS, that greatly simplify theprocess of preparing and filing your taxes.I have always prepared my own taxes,starting in my college days when filling outand mailing a 1040EZ form took a matter ofminutes. Thanks to a mortgage and 401K,my finances are now a bit more complicated.For the past several years I’ve purchasedTurboTax software and e-filed my return.Because the software asks me about allpossible sources of income and deductions,I feel confident with my return by the timeI electronically transmit it to the IRS. I alsofeel good about saving the $100 to $200 thatConsumer Reports says the average taxpayerpays for simple tax preparation.Many people are concerned aboutdoing their own taxes because they’re afraidthat they’ll make a mistake and get flaggedby the IRS for an audit. They may not beaware that having your taxes professionallyprepared does not automatically decreasethe chances of being audited. They alsomay not know that software packages likeTurboTax walk you through each step of thetax-preparation process and checks for errorsbefore allowing you to file.If you’d like to save money on tax preparation fees by doing your own taxes, you shouldfirst ask yourself a few simple questions.First, are you willing to invest the time?Gathering the necessary financial documents and learning how to use tax preparationsoftware requires an investment of time. Just how much time is involved will vary greatlydepending on how financially organized you are throughout the year and how comfortableyou are with technology.100 <strong>HERLIFE</strong>MAGAZINE.COM
Second, is your returnrelatively simple?The best candidates for preparing their own taxes are peoplewho have only one employer and don’t have a lot of interest incomefrom different sources. Taking the standard deduction or itemizinga limited number of deductions also makes it easier to prepare yourown taxes.“There are a varietyof do-it-yourself softwarepackages, including somesupplied by the IRS,that greatly simplify theprocess of preparing andfiling your taxes.”Third, are you comfortable with learningabout tax law?Even if you use tax-preparation software, you’ll probably be requiredto read about some aspects of tax law to make decisions aboutContinued on next page<strong>HERLIFE</strong>MAGAZINE.COM 101
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