The price on TurboTax’s live full-service package ranges from $263 to $363, while a CPA or accountant costs you from about $200 to more than $700. Which one should you choose? Tax experts weighed in.
As we enter the home stretch for tax season — the last day to submit your tax return is April 18 unless you were granted an extension — you may be asking yourself, what’s the best way to file your taxes?Another option is to use tax-prep software like TurboTax, H&R Block or others. This way, taxpayers do their own taxes at their computers by uploading financial information and answering questions.If you have a simple return, it’s probably better to go with the software.
Meanwhile, prices for a CPA or agent typically range from about $200 to more than $700, depending on what part of the country you’re in and the complexity of your return. But remember, if you made $73,000 or less in adjusted gross income, you’re eligible for free tax-prep software through the IRS’s Free File program.
Also, keep in mind that tax-prep software doesn’t always turn out to be as easy or cheap as it seems, said Kathy Brown, president of the National Association of Enrolled Agents. Brown also used to work as a tax expert helping TurboTax customers. Software often presents taxpayers with sales pitches and add-ons as they go through the filing process, and it can add up to about the same as they would have paid for a human tax pro, Brown said.
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