Do you do your own taxes?

[ESRBob]

Funny that 1/3 of us in the sample don't do our own taxes but all the posts are from the roll-your-own crowd.

I did it myself for years but with about 7 returns to file each year (2 self-employment companies, 1 trust, 2 kids filing their own, one foundation and our married/joint personal with all the attendant state returns) I've been happy to have a qualified independent CPA wade through it for me. It's bad enough just getting all the statements and paperwork together every year and filing all the extensions.

[justin]

Quote:

Originally Posted by ESRBob Funny that 1/3 of us in the sample don't do our own taxes but all the posts are from the roll-your-own crowd. I did it myself for years but with about 7 returns to file each year (2 self-employment companies, 1 trust, 2 kids filing their own, one foundation and our married/joint personal with all the attendant state returns) I've been happy to have a qualified independent CPA wade through it for me. It's bad enough just getting all the statements and paperwork together every year and filing all the extensions.

I've intentionally chosen not to complicate my financial affairs to the extent that I can't file my own taxes. I feel like as long as I'm filing my own taxes, I'm able to stay up to date on the latest tax laws and changes, so I can game the system to my advantage. The hundreds or thousands that I save every year from tax savings (due to my planning) and not paying a CPA to do them for me more than offsets the benefits I would get by being involved in more complicated financial endeavors (owning stock in the S Corp I work for, owning an interest in a real estate partnership I've been invited to join, setting up a "personal business" to reduce earned income, etc.).

[BUM]

Hi justin,

I gripe constantly about doing taxes. I've complicated my life with all sorts of taxable stuff.... for me, its worth it.

[HFWR]

Roll Do my own, and file electronically, but no fancy stuff...

[deserat]

I like to do my own - it helps me see what my government is up to and the games they play to maximize their cut from my labo. Best way I know how to see what is really happening in the bowels of the beast - it gets even more interesting with the state tax (CA) - PITA.

[Honkie]

I do the returns for 2 individuals and one holding company.

Each is completed on less than 2 sides of an A4 standard form. Income from investment property or a sole proprietorship business (if any) also fits on the same form. All three returns take less than 6 sides of A4 and less than one evening to do. We are lucky in Hong Kong that the tax system is simple. I have no experience with the US system but I am guessing it is a tad more complex*

Cheers

Honkie