Tax Day is right around the corner, which is causing plenty of finance laypeople to panic.
Many recruit experts online to help them file their taxes, and NowThis Associate Producer Madison Paglia decided to test out this method by hiring a professional on Yelp to help out with hers.
She did a little research and found that online tax services usually range from $200 to $500. She decided on a local CPA accountant named George to help her navigate the tax-filing process — starting with W2s, which make sure that a certain amount of an individual’s paycheck is withheld for tax reasons.
After looking over her two W2s and checking for proper withholdings, as well her student loan deduction, Madison found that filing her taxes was actually fairly straightforward. So why choose hiring an accountant over a service like TurboTax? George explained that some people’s taxes are too complicated for online services to accommodate, which would warrant an accountant’s help. Others don’t trust themselves to do the taxes correctly and would prefer to have a professional handle them.
In terms of tax tips, George urges people to look out for documents like 1098-Ts, which help students claim tuition-related expenses, or 1098-Es for people paying student loan interests. Everyone prefers to do their taxes differently, but hiring a professional could help you identify little details that could lead to a greater return.