Employers need to understand payroll and income tax laws well enough to properly fill these forms out, but the form is cookie-cutter enough that usually all an employee needs to do is copy their W-2 into TurboTax.Īnd now let me flesh out this discussion by pointing out a handful of exceptions to our general suggestion. In contrast, we think most businesses benefit by working with a good, professional adviser so they understand their reporting obligations and so they optimize their tax burden.Įxample: The Form W-2 provides a convenient example of this. Where does this leave you? Well, as noted, we think most individuals can probably do their own tax returns with the help of good tax software. tax law is, I’m sorry to have to report, absurdly complicated in many areas.įurthermore, in some areas, the penalties for innocently goofing stuff up are astronomical.įinally, as a general trend, public policymakers more and more place the burden of this complexity on businesses (and other organizations such as nonprofits and government entities), as opposed to individual taxpayers. ![]() ![]() In a handful of special situations, however, you probably want to outsource the project to an expert like a CPA who specializes in taxes or an experienced enrolled agent. (Er, no, we’re not earning some backdoor commission from Intuit for making this statement.) Where Things Get Tricky Most people-nearly everyone in fact-can use a product like TurboTax to do their own tax return. Our standard answer? You should try to do your own individual tax return. Download Your Free Copy of the Thirteen Word Retirement Planīecause we’re CPAs, we get people asking us a lot about when someone can and can’t use TurboTax or a similar product to self-prepare a tax return.Five Minute Payroll Monograph (2019 Edition).Small Businesses and the Affordable Care Act (Obamacare). ![]() ![]()
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