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What are "complicated" taxes that require a professional? (USA) (lemmy.world)

submitted 8 months ago by [email protected] to c/[email protected]

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I always see advice about which software to use and there's always the advice that FreeTaxUSA is the best bang for your buck and does everything you need for when your taxes are "simple." I've used and thought it was great for years. But as my career has grown and no longer filed as a single I've begun to question when my taxes and earnings become "complicated" to the point where it is worthwhile to have a professional do my taxes. Are there general recommended bullet points or scenarios?

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[–] [email protected] 3 points 7 months ago

The only reason we switched from doing our own to paying a CPA is when my wife started operating her own business. This was more to have someone to ask questions about making sure she covers all of her tax obligations who can answer authoritatively and back us up if anything comes back to us in the future (since she is sole prop. and going it alone). We paid $200 the first year, and considering turbotax would have been about that much, getting our taxes filed for us was practically just a bonus. She charges a little more now, but it's still worth it IMO just to not have to deal with doing the actual paperwork and having someone who will help us out if anything does come back to us. I would say anyone who just has W2 income and maybe some stock sales doesn't have a complicated enough situation to warrant a CPA, and should just use FreeTaxUSA (and hopefully over the next couple years, the auto filing program with the government will eliminate the need for that, too).