Opinion

Do taxes yourself, save money and time

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With tax deadline fast approaching on April 15, it’s important to get your taxes done and summited if you haven’t done so already. With the rise of online tax services such as TurboTax, TaxAct, H&R Block, and others, some students may wonder if it’s better to do their own taxes versus hire an accountant.  

Doing taxes yourself has become easier with online tax services. Not only are tax services easy to understand, there are live assistants to help. On top of that, simple taxes can be done in about an hour. Not only is completing your taxes online faster, but you can also receive your tax returns sooner as the information goes straight to the IRS. Doing taxes yourself is also far cheaper than hiring an accountant, without the added fees. There are steps to keep in mind when filing your taxes. 

First, ensure you have all the necessary paperwork. Make sure every job you had throughout the year, including paid internships, sends you a W-2. Colleges, including Kirkwood, send out 1098-T or similar paperwork as well. If you own a car, you will need the vehicle registration. You will also need a receipt of the textbooks you ordered and paid for the previous year as they can be claimed as a deductible.  

You should also communicate with your parents, guardians, or anyone who can claim you as a dependent, especially if you still live with them. Plan to summit your taxes as an independent. Otherwise, this can cause your taxes to be denied and unable to receive your tax returns.  

Of course, there are drawbacks to doing taxes yourself, especially online. When doing your own taxes, mistakes can happen. Also, public Wi-Fi and computers can be less secure and information can be more vulnerable compared to personal internet and computers.  

As of this publication day, there are only 18 days left to submit your taxes. The sooner you’re able to do your taxes, the less headache you may face and the less time to wait for your return. Consider taking the easy route and doing it yourself online.  

Categories: Opinion