That all depends on the specifics of your financial situation. The most important thing is knowing your abilities and limitations. Can you do your taxes? Sure. Should you? Keep reading to find out.

When Are Taxes Due?

In 2022, taxes for the year 2022 are due on April 18th. Normally, it’s April 15th every year but circumstances can cause the IRS to change the due date. If you file an extension, your taxes will be due October 17, 2022, instead.

Can You File Your Own Taxes?

I’m sure you could, though unless you file taxes for a living, I don’t know why you would. Depending on your income and how simple your taxes are, you could get your taxes done for you for free. Or you can use tax software, like Turbotax* or H&R Block, to file for free. The more complicated your taxes are, the less likely you can get them done for free and the more likely you should get them done with the help of a professional. 

What makes taxes complicated? Having your own business, having dependents, trading stocks or cryptocurrency, owning rental property, etc. The more items on that previous list apply to you, the less likely you can file for free and the more likely you’ll want a professional reviewing your filing. 

Filing Taxes Online

For many years, I used Turbotax* Online to file my taxes. I used it even after I got married, purchased a home, and started investing. I was always pleased with the results and felt like their program helped me to maximize my return every year. I only started having a professional do them when my husband started his own business. Learning what needed to be recorded and filed for that would have taken up to much of my time and I frankly didn’t want to do it. That is the only reason we stopped using Turbotax. If our tax situation ever gets simpler, I’d be happy to run back to them in a heartbeat!

What Documents Do You Need to File Taxes?

This depends on your activities for the previous year. 

• W-2: if you’re making income as an employee, each employer should provide you one of these forms. 
• 1099: if you’ve made income as a gig worker (like Uber) or contract employee, this form should be provided to you by each company you did work for. There is usually a minimum ($600) you have to make before a company issues you one. So if you did work for a company and didn’t get one, you either didn’t make the minimum or they forgot to send it. If they forgot, you’ll want to reach out to them to obtain it.
• Alternate 1099s: other income you’ll get 1099s for are related to interest earned, investment activity, business income, etc. 
• 1098: these forms report major tax deductions such as mortgage interest, large donations, student loan interest, tuition, or estimated tax payments made.
• Expense receipts: keep receipts for potential tax-deductible expenses like medical bills, donations, business expenses, etc.

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How Do You Maximize Your Return?

Look at your previous year’s return and see where there might be an opportunity to maximize your return. Is your W4 completed correctly so that your employer is withholding the right amount on your behalf? Could you decrease your taxable income by contributing to a tax-deferred retirement plan? Do you keep good records of your expenses throughout the year so that you can deduct them when you file?

If you’re unsure how to maximize your return, then you should consult a tax professional. You don’t want to skimp and miss out on hundreds or thousands of dollars worth of opportunities year after year. 

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Being able to do your own taxes is great and can save you money. We’re all about that right? However, paying someone to do it is also admirable. Taxes are not one of those things you want to get wrong. Getting audited is no fun! So take an honest look at your financial situation and your abilities. 

When my taxes started to get complicated but still within my abilities, I added Audit Defense to my package to file my taxes with Turbotax* online. This made it so if I was audited, Turbotax* would assign an audit representative to represent me during an audit. This feature offered me peace of mind when filling my own taxes. 

Hopefully, this was helpful in helping you decide if filing your taxes is hard or not. Regardless of which route you take to file your taxes, happy filing!

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