Should You Complete Your Own New York City Income Tax Preparation

Posted by , on Oct, 2014

There are some people who will be able to handle their New York City Income Tax preparation needs. However, other individuals will need the services of a professional. Some tips that will let you know which group you belong in are highlighted here.

If you have a tax return that is simple, then you may consider using a simple tax program or e-filing. Some questions to consider carefully when it comes to preparing and filing your income taxes are detailed here.

Do You Have Time to Invest in Preparing Your Taxes?

Back in 2012 the IRS estimated that it would take the average taxpayer a total of 22 hours to do their tax return, with 32 hours needed if they had to file a Schedule C for business purposes or a Schedule E for any rental properties that they owned.

Filing online, on the IRS website, or by using a tax program such as TurboTax or TaxCut may save you a good amount of time in filling out forms, you must first organize the materials. This is all with the assumption that your return is fairly simple and includes a limited number of total deductions. It will also make the assumption that you have a general idea of the records that you need to have to complete your taxes.

Do You have the Money to Hire a Tax Preparer?

The low end cost of hiring someone to prepare your taxes for you can cost from $50 to $100, which make the assumption that you have a simple return. If you have a more complicated return, it can cost you several thousands of dollars.

Keep in mind that any fee that you pay can be deducted on the return that you file the next year. However, the investment of hiring a professional may be well worth it, but this I a decision you must make on your own. When you are considering your New York City Income Tax preparation, you have to determine what is right for you and your needs. Consider this carefully to ensure that you make the right decision. Visit for more details.

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Posted by , on Oct, 2014

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