To see which method gives tax filers the “biggest bang for the buck”, ABC’s Good Morning America recently compared three popular tax preparation services:
1. TurboTax
2. H & R Block
3. Personal accountant
In declaring TurboTax the “winner”, the 4-minute video glossed over several tax-related items.
The first is that true tax planning cannot happen in a 3-hour stint in front of a computer. Tax planning a year-round activity.
The second is that all personal financial decisions should be evaluated for their tax implications. That can’t happen without a personal accountant that knows your tax history and understands your financial goals.
The third is that filing income taxes is a personal event. The “winning” tax preparation method for the family on TV may not be what’s best for your family.
If you’d like a referral to a trusted accountant, please ask me. Filing your taxes for cheap today does not mean it will be the lowest cost to you long-term.