Feb
28

Who Needs a Tax Pro (And Who Doesn’t?)

February 28, 2014

Tax stressYou’ve probably seen and heard the many TV and radio commercials on right now about the savings you can get by using a tax service versus doing your taxes on your own. But is it really worth the savings if you have to pay someone? The Equifax Finance blog tax experts discuss who should really use a tax professional and who could probably handle their own in the recent article, “

Filing 2013 Taxes Online? Know the Pros and Cons of Using a Tax Pro.”

According to the article, if you meet the following criteria, you may be better off filing your own taxes. If your income is primarily from places of employment that have provided you with W-2s; if you earn a relatively small amount of interest and/or dividends from common U.S. stocks; you own a home with an original mortgage of less than $1 million; most of your charitable contributions are monetary, and of  those, that aren’t, they are valued at under $500; there is no dispute regarding claiming of dependents and all of your dependents have Social Security Numbers and are not filing their own taxes.

You may need the help of a tax professional (you can see some hints about how to find a good one in this article on Lifehacker) if you are self-employed; own more than one business; own rental property; were recently married or divorced; there is a dispute regarding who can claim your dependents; you have complicated investments or overseas investments, property or bank accounts; you have a lot of unreimbursed medical expenses or dependents with special needs; you have household employees; you worked in and have income from multiple states; or if you  have many questions about how to handle different parts of your return.

Read the full article on the Equifax Finance blog, where you can not only find tax help, but also find articles on insurance, investing, saving, retirement, credit, identity theft protection and more.

Categories: Economy, Education

About The Author

Read All Stories By Mitch Levinson

Mitch Levinson is the author of “Internet Marketing: The Key to Increased New Home Sales” published by BuilderBooks. He is an Internet marketing expert with expertise in search engine optimization, website development, email marketing, social media and CRM consulting services. He is known for creating effective programs that can be tracked through analytics to prove effectiveness and ROI. Mitch is founder and president of MLC New Home Marketing and MLC FlatFee Realty, as well as managing partner of mRELEVANCE, LLC, a Marketing, Communication, Interactive agency with offices in Chicago and Atlanta. He currently leads the Chicago team. A Multi-Million Dollar Sales Producer who earned an MBA in Computer Information Systems and eCommerce, he brings a unique perspective and experience to the field of real estate communications. Mitch combines the two interests in order to help home builders and developers gain a competitive advantage through the Internet and technology. When he isn’t behind a computer, he enjoys participating in sports and coaching his kids’ teams. Mitch resides in Arlington Heights, Ill., a northwest suburb of Chicago, with his family, which includes two rambunctious labs. Visit my Google+ profile.

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