Should you do your own taxes?

While many are afraid to face their own tax work, there are many reasons one should do it on their own. People need to pay the taxes they owe, but they shouldn’t get used to paying a hefty amount just to do it right year after year.

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To answer the question, yes, you should do your own taxes. However, you must first be guided by an accountant so as to know how to effectively go about it each year. One reason you should do it on your own is that you get to keep your entire tax refund. Paying for someone else to do it for you technically splits the refund between the two of you. In order to do it effectively, it’s integral to move your entire filing process online. Filing tools are cheap or free, especially for those who make under $64,000 each year.

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Doing your own taxes means filing them whenever you want. The earlier you submit your paperwork and pay taxes, the faster you get the refund check. To mature in financial awareness, you must do all things concerning your wealth, including your taxes.

If you desire to become more financially independent, you’ll have to learn how to manage your finances effectively on your own. As you do your own taxes, you’ll have a grasp of exactly how much you are making per year, how much you spent on certain things, and how well you can do better the following years. This also affords you the knowledge where your hard-earned money goes in terms of sharing to the government.

Hi there! Michelle Marquez here. I’m currently taking up accounting at UCLA, and my goal is to become a Certified Public Accountant after graduation. Head over to this blog for similar reads.