Just my wife and I with 2 w-2's. Ive always done them on taxact and filed myself but I'm told a tax pro could help me us to get money back instead of paying? I filled an extension and need to file by October deadline. Thanks.
Can a tax pro really save me money?
byu/AvailableCurrency109 intax
Posted by AvailableCurrency109
9 Comments
You could try it once to see if they find you any deductions you might not have known about.
Possibly….my guess is the most valuable thing you’d get from a pro would be advice they could provide for future years! Just based on your post, my guess is you’re not having the correct amount withheld from your paychecks! Again, that’s based purely on the limited amount of info in your post!
It’s possible, but if you’re both W2 workers with no kids or anything it’s unlikely.
Why did you extend if you have a simple return?
Very unlikely. Getting money back instead of paying just has to do with how much you have withheld. You and your wife need to redo your withholding.
If you want to get money back, you need to withhold more money so you can give the government an interest free home. Then you will get a refund.
My suggestion is file your taxes as you have always done. Then check around to see the cost to have someone review your tax return.
I run a CPA firm and get this question at least weekly from potential new clients. Depends on a few things:
1. Are you as simple as you think? If it’s truly just 2 W-2s and no investments, than yeah probably can do yourself.
2. How much do you make? If you’re in 37% bracket and a high income tax state, it likely can’t hurt. The time you would spend figuring your taxes is time you get back if you hire someone.
3. How much do you know? If you can’t tell me the difference between a traditional and Roth IRA, you probably don’t need to be assuming you don’t need to hire someone as that right there could save you $3k.
It’s a little like a physician. I know diet and exercise are vital for my health, but they gotta provide treatment in certain cases.
If it’s just you and your wife with W2s there is nothing a tax pro can do that turbo tax can’t. Do you own a home? Tons of medical bills? Lots of donations? Buy cars? Have any interest earning accounts?
It’s unlikely if you only have W2 income.
I have had many people come to me thinking that. I advise how not to owe. But when it is just 2 w2s and standard deduction there isn’t anything I can magically do.