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Are you one of the many people making the move to doing your taxes at home? Programs like TurboTax and TaxACT simplify the process and the refund is swift in coming. However, going it alone is not always the wisest or most cost-efficient choice.

If you weigh some of the key factors in determining whether to enlist the aid of a professional your decision can be made more effectively.

1. Is it worth your time?

For the self-employed, it may be more advantageous to enlist the services of a professional tax preparer or Certified Public Accountant (CPA). Doing your own business taxes takes time and your time is worth money. The time spent struggling with tax preparation could be better spent on tasks you are more familiar with and can make more money doing.

2. Do you have the knowledge to glean all of the tax-related benefits involved in owning your own business?

Being self-employed may just be one of the greatest tax strategies of our time. As a self-employed individual, you are in control of your taxable income. With the right expertise, you can fully control how much tax you pay. In fact, there are many tax advantages to being self-employed, and, oftentimes, a professional can find tax savings and deductions related to your business that you may have otherwise overlooked or do not understand.

Ultimately, for the self-employed it is a matter of weighing the cost against the advantages of hiring a professional. Hiring a professional can often, result in tax savings that more than make up for the cost of the service and if you are fully prepared for your tax person you can save money. That is what my tax person says anyway. If they don’t have to sort through your shoebox for paperwork they can get the job done quicker.

3. Not self-employed? What if you are filing for yourself or your family?

In this case, it may be worthwhile to consider going it alone. Programs like TurboTax and the free program TaxACT walk you through the process step-by-step and often make receiving your refund a simple and expedient process.

Above all else, though the best rule of thumb to follow in either situation is to trust yourself. Base your decision on whichever route gives you the most peace of mind. If you are comfortable completing the tax forms and utilizing the programs available for going it on your own, then this may be the best route for you. If however, you have any doubts or concerns, your best bet may be to hire a professional. You do not want to risk doing them wrong and having to deal with the IRS.

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