Tax season is back. As your W2s, 1099s, and other forms begin to hit your mailbox, it’s a good time to start thinking about whether to file your taxes on your own or hire a professional. A big life change in 2024 or the chance to save money could impact your decision. Here are a few reasons to consider filing yourself or leaving it to a pro.

Two Reasons To File Yourself:

1. It’s Free For Simple Financial Situations

If you have your paperwork ready and time set aside, filing yourself may be best. Online services like TurboTax and H&R Block offer free versions for those who have typical deductions. You’ll need to crunch numbers and complete the required steps, but you’ll be in full control.

Filing by yourself could also give you better insight into your financial outlook and make doing your taxes easier as your finances become more complex over time.

2. Save Money, Even With A More Complex Situation

If you’re looking to claim specific expenses to reduce your taxable income, TurboTax and H&R Block offer a full-service option with a tax expert for a small fee. You’ll most likely end up paying less than what an outside professional or Certified Public Accountant (CPA) typically charges.

If you’re a Cinfed member, you can get a discount through TurboTax or H&R Block to complete your tax return. Visit Lovemycreditunion.org to claim yours.

Two Reasons To Hire A Professional:

1. Your Financial Situation Is Complicated

If you had multiple employers or a mix of full-time and freelance work in 2024, it may be easier to turn to a tax pro. Sometimes, it’s worth hiring help to prevent mistakes that could impact you financially or legally later on. Paperwork for investments, rental properties, or even marriage can get messy and lead to an unfamiliar situation. A professional can help you determine the best way to file and minimize the impact.

2. You Don’t Have The Time or Interest

If you have a busy schedule or feel exhausted from the holidays, turning to a tax pro could be an easy choice. It may cost you more to file (hourly rate, fees, etc.) but you’ll have a smaller to-do list and be able to enjoy time with your family and friends. It also may be challenging to complete yourself if you feel unorganized or don’t enjoy doing math.

If you’re not confident in your ability to file or even where to start with your 2024 financial situation, schedule a free appointment with a Cinfed Financial Coach at your nearest branch location.