Is it Better to Get Your Taxes Done or Do Them Yourself? (And Other Tax Questions Answered)

The tax deadline can feel overwhelming at this time of year, especially if you’re not sure where to start. Sure, you can gather all your forms and hope that you’ll figure it out, but there are better ways to get your taxes done. And with a little planning and knowledge, you can navigate the world of taxes with ease and confidence. In this article, we’ll explore four common tax questions and provide you with the information you need to file your taxes like a pro.

Key Takeaways 

• Filing your taxes accurately and on time can save you money and reduce stress. TurboTax can help you navigate complex tax laws and regulations. 
• Decide whether to file your taxes jointly or separately with your spouse, considering factors like tax deductions, credits, and income. 
• If you’re single and supporting a household, you may qualify for the more generous Head of Household filing status, which can save you thousands on your tax bill.
• E-filing your taxes is faster, more accurate, and secure than mailing a paper return.

Myth-Busting: 4 Common Tax Filing Misconceptions

Before we dive in, let’s debunk a few common tax filing myths:

• Myth 1: Doing my own taxes will get me audited. This one’s a classic, but still false. The truth is, the IRS doesn’t care whether you do your own taxes or not. What matters is that your return is accurate and complete.
• Myth 2: I don’t make enough money to file a tax return. Not true! If you’ve got income, you can file a return, even if it’s just to claim a refund or credit. In fact, the IRS reports that there are more than $1 billion in unclaimed refunds for 2021 tax refunds alone. 
• Myth 3: I can’t e-file my taxes if I owe money. Not true! You can still e-file your taxes even if you owe money. Just be sure to pay the amount due by the filing deadline to avoid penalties and interest.
• Myth 4: My filing status doesn’t really matter; the IRS will figure it out. Not true! Choosing the wrong filing status can lead to you paying more in taxes or missing out on valuable deductions and credits that you might be eligible for under a different status.

Is it Better to Get Your Taxes Done or Do Them Yourself?

One of the most common tax questions out there is whether to hire a professional tax preparer or do your own taxes. The answer depends on your individual situation. If you’re self-employed, own a business, or have a more complex tax situation, it may be worth investing in the help of a tax expert. However, if you’re a W-2 employee with a simple tax return, you may be able to save money and file your taxes yourself.

Is it Better to File Your Taxes Jointly or Separately?

Another common tax question is whether to file your taxes jointly or separately with your spouse. The answer depends on several factors, including your income, deductions, and credits.

Filing Jointly:

• Double the standard deduction: If you and your spouse file jointly, you’ll get to claim a larger standard deduction, which could reduce your taxable income.
• More room for tax breaks: You may be able to qualify for certain tax credits and deductions, like the earned income tax credit, if you file jointly. Married filing separately could eliminate you from claiming certain deductions like student loan interest deduction. 
• Simpler tax prep: Filing jointly usually means less paperwork and fewer forms to worry about.

Filing Separately:

• Higher tax bill: If one spouse has a large tax bill and the other is due a tax refund, filing separately can protect the refund. 
• More complex tax prep: Filing separately means you and your spouse will each need to file a separate return, which can be more complicated and time-consuming.
• Potential for errors: With two returns to file, there’s more room for mistakes, which can lead to delays and even audits.

Is it Better to E-file or Mail Your Taxes?

While you can still mail a paper tax return, e-filing your taxes is faster, more accurate, and more secure than mailing a paper return. Here are just a few reasons why:

• Faster Refund: E-filing gets your return to the IRS in minutes, not days or weeks.
• Fewer Errors: E-filing can catch mathematical errors and missing information before you hit submit.
• More Secure: E-filing is encrypted and password-protected, so your personal and financial information is safe.

Note that if you are filing an old tax return, you may not be eligible to e-file. Typically, you can e-file the currently due tax year and up to two years prior. For example, once the IRS opens e-filing for tax year 2024 returns, you can only e-file 2024, 2023 and 2022 taxes. Tax years prior to that must be mailed. 

Is it Better to File as Head of Household or Single?

If you’re single and supporting a household, you may be eligible for the more generous Head of Household filing status, which could  save you on your tax return. To qualify, you’ll need to meet certain requirements, including:

• Paying more than half of the household expenses
• Having a qualifying dependent living with you for more than 6 months of the tax year
• Being unmarried or separately filed for the entire tax year

Filing your Taxes Doesn’t Have to Be a Headache

Filing your taxes can feel like a daunting task, but it doesn’t have to be. By understanding your options, you can navigate the complex world of taxes with ease and confidence. So why wait? File your taxes today and get every deduction and credit you’re eligible for!

Better yet, file your taxes with TurboTax and rest easy knowing you’re getting the maximum refund you deserve. With our 100% accuracy guarantee and expert support, you can trust that your taxes are in good hands.